India’s mobile phone exports soared beyond US $ 5 billion in just seven months

| Published on:

PM expresses happiness on Phone exports getting more than double

India’s mobile phone exports soared beyond the US$ 5 billion barrier in just seven months (April-October) of FY23, surpassing India’s US$ 2.2 billion total for the same period last year.

If things continue as they are, exports from the second-largest smartphone market in the world will complete FY23 in the US$ 8.5-9 billion area, surpassing the total for FY22 by early December. In FY22, India exported mobile phones worth US$ 5.8 billion.

Due to a slowdown in international markets, mobile phone shipments, which had reached a record US$ 1 billion in September, slightly decreased to about US$ 900 million in October.

Over 90% of India’s exports of mobile phones come from Apple and Samsung, supported by the production-linked incentive (PLI) programme. According to officials, Samsung Galaxy A and M series as well as iPhone 12, 13, and 14 are exported from India.

The India Cellular and Electronics Association (ICEA) claims that as exports increase, India’s reliance on mobile imports has decreased from a high of 78% in 2014–15 to about 5% in FY22. In FY23, imports are predicted to decrease by about 4%.

The Prime Minister, Shri Narendra Modi has expressed happiness on Phone exports getting more than double YoY in April-Oct as mobile phone exports raced past $5-billion mark within 7 months. This is more than double of $2.2 billion that India clocked in same period last year.On a tweet by Union Minister Shri Rajeev Chandrasekhar, the Prime Minister replied:

“India continues to make strides in the world of manufacturing.”
Mobile phone exports have raced past the $5-billion mark within seven months (April-October) of FY23, more than double the $2.2 billion that India clocked in the same period last year, as the likes of Apple and Samsung stepped up outward shipments, government and industry officials said.

They added that at the current pace, exports from the world’s second-largest smartphone market will surpass the entire FY22 figure by early December itself, and end FY23 in the $8.5-9 billion range.