Smartphone exports in the first two months of 2023 have crossed a whopping $2 billion!
Apple and Samsung have reportedly increased production and shipments, which has helped boost smartphone exports.
Read on to find out all the details!
India’s Smartphone Exports Crosses $2 Billion Mark in First Two Months of 2023
India’s mobile phone exports in the first two months of 2023 reached over $2 billion, or over Rs16,500 crore, thanks to increased production and shipments from manufacturers, particularly Apple and Samsung. With this recent increase in exports, the total value of exports since April 2022 has exceeded $9 billion.
According to ICEA data, smartphone exports between April 2022 and February 2023 increased significantly compared to the same period last year, when exports were roughly $4.5 billion.
Since April 2022, Apple and Samsung have collectively contributed about 90% of all smartphone exports, with Samsung accounting for the remaining 35% and Apple’s contract manufacturers (Foxconn Hon Hai, Wistron, and Pegatron) for about 55%.
For the fiscal year that ends on March 31, it is expected that smartphone exports will increase from the $5.8 billion they were in the previous year to about double that amount.
Is PLI Helping Boost Smartphone Exports?
According to industry body India Cellular and Electronics Association (ICEA) data, Indian smartphone manufacturers have been exporting about $1 billion per month since September 2022, mostly as a result of production-linked incentive (PLI) programmes.
Apart from Apple and Samsung, the remainder of the smartphone exports, according to ICEA, came from companies that shipped specific handset models to markets where there were price differences.
The total value of India’s electronics exports is anticipated to increase by 36.8% to INR 1.6 trillion (US$19.36 billion) by the end of FY 2023. (ICEA estimate, January 2023).
India exported electronics worth INR 1.3 trillion (US$16.13 billion) from April to December 2022, an increase from INR 817 billion (US$9.89 billion) in 2021.
What is PLI?
A performance-linked incentive is a form of incentive from one entity to another, such as from the government to industries or from an employer to an employee, which is directly related to the performance or output of the recipient and which may be specified in a government scheme or a contract.
