Smartphones become India's fourth largest export item with 42% growth

Smartphones have become the fourth-largest export item from India, with a 42% growth to US$ 15.6 billion in FY24. This means smartphones have moved up one rank in the list of top exported commodities compared to the previous year. India started tracking smartphone exports separately from April 2022. Traditionally, India's top export items have been dominated by petroleum products, however, currently it is smartphones.

According to government data, the surge in smartphone exports was driven by a 158% increase in shipments to the United States, reaching US$ 5.6 billion. Other major destinations for Indian smartphone exports were the United Arab Emirates US$ 2.6 billion, the Netherlands US$ 1.2 billion, and the United Kingdom US$ 1.1 billion. Furthermore, the total value of mobile devices produced in India, both for export and domestic markets, reached US$ 49.16 billion (Rs. 4.1 trillion) in FY24. This represents an increase of at least 17% compared to the previous year, as per preliminary estimates by the Indian Cellular and Electronics Association (ICEA), which represents most of the mobile companies in the country.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.