Electronics exports from India surged by 21.8 percent from April to August 2024, reaching $13.57 billion, primarily driven by mobile devices. Mobile device exports alone accounted for $7.56 billion, making up over half of total electronics exports. Key players in this growth include Apple Inc. and its Indian vendors—Foxconn, Tata, and Pegatron—who contributed 67 percent of mobile device exports in this period. As a result, electronics have climbed to the third position among India’s top exports, surpassing chemicals. The Indian government aims to significantly boost electronics exports to between $200 billion and $225 billion by 2029-30, a goal that may require extensive reforms and support in taxation and incentives.
Electronics Exports Surge in India, Driven by Mobile Devices
In an impressive turn of events, India’s electronics exports have surged by 21.8 percent during the first five months of the 2024-25 financial year, reaching a remarkable $13.57 billion. This growth makes electronics the fastest-growing commodity among India’s top exports. The overall exports for the top 10 merchandise categories saw a modest increase of only 1 percent, totaling $145.87 billion in the same period.
Key to this surge is the mobile device sector, which alone accounted for $7.56 billion, or 55.7 percent, of the total electronics exports. Much of this growth can be traced back to Apple Inc. and its vendors in India—Foxconn, Tata, and Pegatron. Together, these companies were responsible for an impressive 67 percent of mobile device exports, contributing about $5 billion during this time.
Apple’s influence in the electronics export sector has increased significantly over the years. In the fiscal year 2022-23, Apple exported $5 billion worth of phones. This figure skyrocketed to $10 billion in 2023-24, now comprising 35 percent of total electronics exports.
As of now, electronics exports have risen to become the third-largest export category in India, surpassing organic and inorganic chemicals. Engineering goods and petroleum products are currently the only two categories ahead of electronics. While engineering goods exports grew by 4.2 percent, there was a decline of 9.8 percent in petroleum product exports.
The Indian government is optimistic about this trend, with NITI Aayog forecasting that electronics exports could reach between $200 billion and $225 billion by 2029-30. However, achieving this ambitious goal requires significant annual growth of 38 to 40 percent over the next six years, alongside critical reforms in taxation, tariffs, and enhanced production-linked incentive support.
As India positions itself as a significant player in the global electronics Market, the focus on mobile devices and the involvement of major companies like Apple seem to be paving the way for a brighter economic future.
Tags: electronics exports, mobile devices, Apple Inc, India exports, economic growth, NITI Aayog, manufacturing, financial year 2024-25.
- What is driving the growth in electronics exports for Apple?
The growth is mainly due to increased demand for mobile devices, like iPhones and iPads, as more people use technology for work and daily activities.
- How much has Apple’s electronics export grown?
Apple’s electronics export has grown by 22%, which shows strong interest in their products from customers around the world.
- Are other companies seeing similar growth in electronics exports?
Yes, many tech companies are experiencing growth in electronics exports, but Apple’s increase is particularly notable.
- What types of products are included in Apple’s electronics exports?
Apple’s electronics exports mainly include mobile devices, such as iPhones, iPads, and accessories like AirPods.
- How does this growth impact Apple’s business overall?
This growth helps Apple increase its sales and profits, improving its position in the tech Market and allowing it to invest in new products.
