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India's electronics exports soar over 22%, fuelled by iPhone Surge and Production Incentives
Industry News- Jan 22,24
Between April and December 2023, mobile phone exports constituted 52% of the total electronics exports, reaching $10.5 billion.
In the fiscal year 2023-24, India experienced a remarkable 22.24% surge in electronics exports, surpassing the $20 billion milestone within nine months. This surge was primarily attributed to a substantial increase in smartphone shipments, particularly those of Apple's iPhone, as outlined in a report by The Economic Times (ET).
Between April and December 2023, mobile phone exports constituted 52% of the total electronics exports, reaching $10.5 billion. Notably, iPhones emerged as the driving force behind this export growth, contributing 35% to the overall electronics exports and an impressive 70% to the country's total mobile exports during the same period. In December 2023 alone, iPhone exports exceeded $7 billion.
Data from the India Cellular and Electronics Association (ICEA), as reported by ET, revealed that electronics exports showcased the fastest growth among the top 10 export categories in the current financial year, propelling the sector from the sixth position to the fifth, compared to the previous year. This notable growth is credited to the smartphone production-linked incentive (PLI) scheme initiated by the Modi government in 2021.
According to ICEA forecasts, mobile phone exports are expected to reach $14-15 billion by the end of FY24. If the current growth trajectory persists, electronics exports are poised to secure the fourth position by March, marking a two-rank jump within a single financial year.
The surge in mobile exports, escalating nearly sevenfold from $1.6 billion in FY19 to $11.1 billion in FY23, is largely driven by Apple and its contract manufacturers—Foxconn, Wistron (now owned by the Tata group), and Pegatron. In contrast, Samsung has faced export challenges, even falling short of production targets under the PLI scheme.
In 2023, Apple's iPhone production surpassed the Rs 1 trillion production mark, solidifying the US-based company's pivotal role in India's electronics landscape.
With exports expected to fuel further expansion in mobile phone manufacturing, the industry advocates for a competitive tax and tariff regime to ensure global competitiveness against countries like China and Vietnam.
India's approval of a $10 billion semiconductor PLI in 2021 is another significant step towards making India a global manufacturing hub. These chips can be utilised in various electronics, from mobile phones to cars, aligning with India's "Make in India" initiative, aimed at strengthening the country's manufacturing sector.
Source: Economic Times
India
Electronics Exports
iPhone
ICEA
Global Competitiveness
Manufacturing Hub
Semiconductor PLI
Make in India
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