With 42% growth, smartphones become the fourth largest exported item from India

The export of smartphones has grown 42% to $15.6 billion in FY24, reported Business Standard. As per the report smartphones have become the fourth largest exported item from India replacing motor gasoline. Meanwhile other petroleum products still remain at the top of India's export list

Export data

According to commerce department data, there was a 158% increase in shipments to the US at $5.6 billion. This massive surge drove the overall spike in smartphone exports. Following US, India has exported smartphones worth $2.6 billion to United Arab Emirates, $1.2 billion to Netherlands and $1.1 billion to the UK.

Among the exports, iPhone maker Apple has lead the charge with the value of outbound shipments of mobile devices expected to have crossed $14.39 billion in FY24, up 33% as compared to FY23.

As per preliminary estimates by the Indian Cellular and Electronics Association (ICEA), the value of mobile devices produced in India for both export and domestic markets in FY24 soared to $49.16 billion, up at least 17% year-on-year.

Indian has been tapping into China-Plus-One strategy which is focused on leveraging the geopolitical tensions between that country and the US to woo companies manufacturing in China and persuade them to shift to India. Government's Production Linked Incentive Scheme has also helped India to become the second largest mobile phone manufacturing country, after China.

Also watch: India's smartphone exports to the United States soar to ₹29,000 crore, China's share declines