Electronics exports grow at record 22%

India’s 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.