India’s smartphone exports show significant growth, posing competition to China and Vietnam.
India’s smartphone export sector has experienced robust growth, with a 40.5 percent increase in FY24, contrasting declines in China and Vietnam by 2.78 percent and 17.6 percent, respectively. This surge has offset nearly half of the decline in exports from these two countries.
Data from the International Trade Centre reveals a $3.8 billion decrease in Chinese exports and a $5.6 billion drop in Vietnam’s exports. In contrast, India’s mobile exports climbed from $11.1 billion to $15.6 billion, marking a substantial $4.5 billion rise.
Apple Inc. has been pivotal in this growth, with its Indian iPhone exports surpassing $2 billion in the first two months of FY25. Under the PLI scheme, Apple’s vendors aim to achieve $10.2 billion in production value for FY25. The US, UAE, Netherlands, and UK are key destinations for India’s smartphone exports, now the country’s fourth-largest export item.
Source: The Economic Times
