India’s smartphone exports to the US surpass diamonds, driven by Apple iPhones’ rising demand.
Smartphones have become India’s top export to the United States, surpassing non-industrial diamonds in value over the past three quarters, largely due to the surge in Apple iPhone exports. According to Business Standard, citing the Department of Commerce, smartphone exports reached $2 billion in the June quarter, compared to $1.44 billion for non-industrial diamonds.
In FY24’s December quarter, smartphone exports hit $1.42 billion, overtaking diamonds at $1.3 billion. By the final quarter, smartphone exports surged by 43 percent, reaching $2.02 billion, while diamond exports fell by 4.6 percent to $1.24 billion. This rise highlights the success of India’s production-linked incentive (PLI) scheme for mobile devices.
In FY23, Apple exported over $5 billion worth of iPhones, contributing significantly to India’s total smartphone exports of $11.1 billion. By FY24, iPhone exports soared to $10 billion, accounting for 66 percent of the total $15.6 billion in smartphone exports, with exports to the US increasing by 158 percent.
