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India’s smartphone exports cross $2 bn mark in first 2 months of 2023

In the first two months of 2023, India’s mobile phone exports exceeded $2 billion, equivalent to over Rs16,500 crore, due to increased production and shipments from manufacturers, particularly Apple and Samsung. This surge in exports brings the total export value to over $9 billion since April 2022.

According to industry body India Cellular and Electronics Association (ICEA) data, smartphone exports in the April 2022-February 2023 period more than doubled from the corresponding period a year ago, when exports hovered around $4.5 billion.

It is anticipated that smartphone exports for the fiscal year ending March 31 will approximately double from the previous year’s $5.8 billion.

Data indicates that Indian smartphone manufacturers are currently generating around $1 billion in monthly exports since September 2022, primarily due to the production-linked incentive (PLI) schemes.

Since April 2022, Apple and Samsung have collectively contributed roughly 90% of the total smartphone exports, with Apple’s contract manufacturers (Foxconn Hon Hai, Wistron, and Pegatron) accounting for approximately 55%, and Samsung accounting for the remaining 35%.

According to ICEA, the remaining smartphone exports originated from merchants exporting certain handset models to regions with a price discrepancy, apart from Apple and Samsung. IIFL Securities

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