It appears that India is shaping up to be a major exporter of the devices Which is a 360 degree change from earlier status of being an importer of smartphones, holds a great significance.
US Leads For Top Destination For Indian Made Smartphones
As per this development, the US imported the highest 7.6 million units, followed by 3.8 million shipped to the UAE.
In terms of revenue, Russia paid more per unit despite a 700 percent surge in volume.
Not only that, the top two importers of Indian-made smartphones together made up nearly half of the 26 million exports to 91 countries in the first five months of 2024, as presented in a Moneycontrol analysis of commerce ministry data.
This appears to be a big leap from 21.5 million smartphones India had exported in 2023 and 5.8 million in 2022.
For January-May 2024, India’s smartphone exports grew 20 percent from the previous year and US shipments surged 71 percent.
In case of Exports to the UAE, it has declined by 37.8 percent due to the countries from the European Union raising the imports by over 30 percent from India.
Russia Offering The Best Price
Here the good news is that the growth in India’s smartphone exports seems to have continued in the first six months of the year, as per the sources.
The country exported $10 billion smartphones in the January-June period of 2024, a third higher than $7.5 billion in the first half of 2023.
This is the result of the Smartphone shipments from the country which has grown 42.2 percent in FY24 to $15.6 billion, out of these 65 percent were Apple iPhones.
In terms of value per item, interestingly it was neither the US, UAE or their European counterparts that paid the most per smartphone, but Russia and Belarus.
Reportedly, the smartphone cost was $604 for Belarus and $600 for Russia in the first five months of 2024.
This was earlier $452 for the US and $320 per shipment for the total exports.
It seems that Russia paid 15 percent more per smartphone at the same time for the US, the cost was up only 2 percent from the previous year.
Besides this, Russia has also trumped most of the other countries in terms of imports from India.
The country has registered an over 700 percent rise, moving eight ranks to 17 from 25 in top nations receiving India’s exports.
Similarly, the US replaced the UAE as the top importer of Indian-made smartphones.
In this race, Netherlands was replaced by Austria and the UK as top export destinations.
These figures also represent that the Smartphone exports have become more spread out during this period.
It is also noteworthy here that the share of top 10 destinations in India’s smartphone exports fell from 88 percent to 85 percent, with destinations including Belarus, Russia and Mexico gaining ground.
