India Mobile Phone Exports Reach $6.5 Billion In April-July, Iphones Lead
Date
8/22/2024 5:15:33 AM
(MENAFN- IANS) New Delhi, Aug 22 (IANS) Led by iPhones, exports of mobile phones from India reached $6.5 billion in the April-July period (Q1 FY25) – an almost 40 per cent surge from the same period last fiscal (FY23), industry data showed on Thursday.
iPhone exports surpassed $1 billion in the month of July – almost similar month-on-month performance as seen in the first quarter of FY25 -- led by the production-linked incentive (PLI) scheme.
Currently, Iphone exports constitute about 70 per cent of the total mobile exports from the country, the industry data showed.
According to experts, Apple's performance in the April-July period was marked by contrasting fortunes and the long-term growth outlook remains positive, with the company being well-positioned to capitalise on India's growth trajectory in the coming years with big local manufacturing plans.
In the four-month period, online sales improved for iPhones. iPhone 15 remained top sellers, mainly due to their significant upgrades over previous generations.
Apple's operations in the country reached $23.5 billion in value in the last fiscal (FY24). The Cupertino-based giant clocked nearly $8 billion in revenue in India in the last fiscal.
Key Apple suppliers Foxconn, Pegatron and Tata Electronics (earlier Wistron) have ramped up the assembly of iPhones, as the country is set to enter the crucial festive season soon.
According to Finance Minister Nirmala Sitharaman, with a three-fold increase in domestic production and an almost 100-fold jump in exports of mobile phones over the last six years, the mobile phone industry has matured in the country.
The electronics sector experienced rapid growth, reaching $155 billion in FY23. Production nearly doubled from $48 billion in FY17 to $101 billion in FY23, driven primarily by mobile phones, which now constitute 43 per cent of total electronics production.
India has significantly reduced its reliance on smartphone imports and is now manufacturing 99 per cent devices domestically, according to the government.
MENAFN22082024000231011071ID1108588346
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.