India exported $2.43 billion worth of smartphones in April-May this fiscal, driven by a multifold jump in shipments to the US which emerged as the biggest destination for India-made devices, according to the government data.
The smartphone exports to the US jumped multiple times to $812.49 million during the first two months of this fiscal as against $92.2 million in April-May 2022-23, the commerce ministry data showed. The US accounted for one-third of the shipments in value terms.
The US was followed by the UAE ($484.52 million), the Netherlands ($205 million), the UK ($151.33 million), Italy ($136.57 million), and the Czech Republic ($115.5 million).
Overall India’s export of smartphones in 2022-23 was worth $10.95 billion. During April-May 2023-24, smartphone exports soared by 157.82 per cent over April-May 2022-23.
Prior to 2022-23, the smartphone exports were non-existent so the data was not captured.
After the announcement of the Product Linked Incentives (PLI) scheme and the entry of US-based iPhone maker Apple into domestic manufacturing, India is emerging as a major production hub for smartphones.
For diamonds also, the US is the most dominant market for India with $1.3 billion during the two months, though the growth declined by about 23 per cent.
For manufacturing electronic goods for exports and meeting domestic demand, India imported $1.85 billion worth of monolithic integrated circuits of which $597.89 million came from China.
Other sources of these circuits were Ireland ($258 million), Hong Kong ($255.45 million), Taiwan ($204.38 million) and Singapore ($162.35 million). In 2022-23, the total imports of integrated circuits were $10.23 billion.