Menu Close

Tech Market: Apple iPhones boost electronics exports by 22 percent

Apple iPhones

*Data record indicates that Apple’s iPhones are the single largest contributor to the surge in both electronics and mobile exports, in India, in the last fiscal year, recording 22.2 percent growth in overall electronics exports in the country

Gbenga Kayode | ConsumerConnect

Despite the recent headwinds blowing across the global economy, and affecting electronic gadgets exports, Apple iPhones have led the charge in India’s booming smartphone exports.

ConsumerConnect learnt the leading smartphone brand is fast contributing significantly to a record 22.2 percent growth in overall electronics exports in the country, which surpassed $20 billion in the first nine months of 2023.

Mobile phone exports hit $10.5 billion in April-December 2023, accounting for 52 percent of total electronics exports, as per data from the India Cellular and Electronics Association (ICEA), ETtech report said.

Mobile phones fuelled India’s FY23 electronics exports, contributing 43 percent ($11.1 billion) to the total $23.6 billion haul.

Analysis of the data record has indicated this growth marked a nearly sevenfold increase from a mere $1.6 billion in the Financial Year (FY) 2019.

In regard to the way exports jump GFX, data also showed that Apple’s iPhones were the single largest contributor to the surge in both electronics and mobile exports this fiscal year, report stated.

Exports of iPhones, 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 to December.

Electronics exports, once a distant ninth in India’s roster, have seen a remarkable turnaround since the introduction of the smartphone production-linked incentive (PLI) scheme in 2021.

In terms of the government data, electronics exports grew at the fastest pace among the 10 top categories of exports so far this fiscal year, lifting the segment to the fifth position from sixth place last year, according to report.

Kindly Share This Story

 

 

Kindly share this story