Electronics exports grow at record 22 per cent in April-December
electronics exports grew at a record 22.24% to cross the $20 billion mark in the first nine months of FY24, propelled by booming smartphone shipments, spearheaded by Apple's iPhone.
According to industry body India Cellular and Electronics Association (ICEA), mobile phone exports reached $10.5 billion during April to December 2023, comprising 52% of total electronics exports. In FY23, electronics exports stood at $23.6 billion, of which mobile phones comprised $11.1 billion or 43%.
Industry data showed iPhones were the single largest contributor to the surge in both electronics and mobile exports this fiscal.
iPhone exports, which crossed $7 billion in December 2023, constituted 35% of total electronics exports and a whopping 70% of the country's total mobile exports in the nine months ended December.
As per government data, electronics exports grew at the fastest pace among the top 10 categories of exports so far this fiscal, lifting the segment to the fifth position from sixth place last year.
Till a few years ago, electronics was placed ninth in terms of exports categories but with the commencement of smartphone production-linked incentive (PLI) scheme in 2021, the export uptake has been fast.
ICEA predicts mobile phone exports to reach $14-15 billion by the end of this fiscal.
If the robust growth trends continue, electronics will likely end up in the fourth position by March, jumping two ranks this fiscal.
Mobile exports have soared nearly seven times from $1.6 billion in FY19 to $11.1 billion in FY23. Overall electronics exports have also grown nearly 3 times in the same period — from $8.4 billion in FY19 to $23.6 billion in FY23.
The growth in mobile exports has been led by Apple and its three contract
