Apple gets the credit for a 74% increase in electronics exports

During May 2023, electronic goods export witnessed a significant increase of 73.96% and cumulatively in April-May 2023 of 48.06% over corresponding period last year, says recently released trade data by the Commerce Ministry for FY23.

During April-May 2023 electronic goods exports were recorded at USD 4.54 Billion as compared to USD 3.06 Billion during April-May 2022, registering a growth of 48.06 percent.

Enabling policies facilitating greater investment in electronics, mobile manufacturing, pharmaceuticals, etc. have resulted in visible growth in these sectors.

India’s overall exports in May 2023 stood at US$ 60.29 billion. Electronics accounted for 8 per cent of the value of the top 10 exported commodities in April-May 2023 compared to only 4.54 per cent in the previous year, reflecting its growing importance in India’s export basket. This resulted in a jump for electronics exports from sixth to fourth place in the rankings in April-May 2023, making it, for the first time, to the top five league of the top 30 commodities exported from the country, Electronics overtook organic and inorganic chemicals and drugs and pharmaceuticals to reach its new slot. ICEA estimates that electronics exports will become the third largest export from India by 2025, or may be even earlier if the trend continues.

Mobile devices, dominated by three of Apple’s vendors, Foxconn, Wistron and Pegatron. Their share of the total exports of mobile devices accounts for no less than 75 per cent.

Samsung, who has placed its bets on Vietnam is the brand missing here.

CT Bureau