(MENAFN- KNN India) New Delhi, Mar 18 (KNN) India has solidified its position as the third-largest exporter of smartphones to the US, with exports soaring to USD 3.53 billion from April to December this fiscal year, as per data released by the Commerce Ministry.
The surge in outbound shipments has propelled India's smartphone market share to 7.76 per cent during the same period, a significant leap from 2 per cent last year.
This spike in exports has elevated India to the third spot among smartphone exporters to the US market.
Attributing this growth, an official cited the overall increase in smartphone production in India. Meanwhile, China and Vietnam witnessed a decline in their share of smartphone exports to the US during the same period.
The US' top five smartphone suppliers experienced a decrease in imports, dropping from USD 49.1 billion in FY'23 to USD 45.1 billion from April to December.
China's smartphone exports to the US decreased to USD 35.1 billion, while Vietnam saw a decline to USD 5.47 billion during April-December 2023.
South Korea and Hong Kong remain significant players in the US smartphone market. South Korea's exports surged to USD 858 million, whereas Hong Kong's sales dipped to USD 112 million during April-December 2023-24.
The emergence of smartphones in India's export portfolio began in 2022-23, reaching USD 10.95 billion. The momentum continued, with exports touching USD 10.5 billion from April to December 2023-24.
India's rise as a major smartphone production hub is further reinforced by the implementation of the Product Linked Incentives (PLI) scheme and the involvement of US-based iPhone maker Apple in domestic manufacturing.
(KNN Bureau)
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