India closing the gap in smartphone exports as China, Vietnam slows down
China's and Vietnam's mobile exports fell by 2.78% and 17.6% respectively in FY24, while India’s exports surged by 40.5%
India is rapidly narrowing the gap with China and Vietnam in smartphone exports.
According to a report by The Economic Times, China's and Vietnam's mobile exports fell by 2.78% and 17.6% respectively in FY24, while India's exports surged by 40.5%.
India has absorbed nearly 50% of the decline in exports from China and Vietnam. Despite China remaining the top mobile handset exporter, India is making significant strides. Data from the International Trade Centre (ITC) shows Chinese mobile exports decreased from $136.3 billion in FY23 to $132.5 billion in FY24, a $3.8 billion drop. Similarly, Vietnam's exports fell from $31.9 billion to $26.27 billion, a $5.6 billion decline, reports Indian media.
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India's mobile phone exports rose from $11.1 billion in FY23 to $15.6 billion in FY24, a $4.5 billion increase.
Apple exceeded $1 billion in iPhone exports in both April and May. Foxconn Hon Hai, Wistron, and Pegatron, all part of the smartphone PLI scheme, have been major contributors.
Smartphones have become India's fourth-largest export, with a 42% increase to $15.6 billion in FY24. This surge is driven by a 158% increase in shipments to the US, valued at $5.6 billion, followed by the UAE, the Netherlands, and the UK. The value of mobile devices produced in India for both export and domestic markets rose to Rs 4.1 trillion ($49.16 billion) in FY24.
