Smartphone exports beat estimates, cross $21 billion in FY25 so far

Sprint past $20 billion target, beating projections

Mobile phone exports from India crossed a whopping ₹1.75 trillion ($21 billion) in the first 11 months of 2024-25 (FY25) — higher than the projection of Minister for Electronics and Information Technology Ashwini Vaishnaw, who had estimated exports would touch $20 billion, with one month still to go.

 

This figure is 54 per cent higher than smartphone exports in the first 11 months of the previous financial year, according to the India Cellular & Electronics Association. Independent estimates, based on data provided by Apple Inc vendors to state and central governments, put Apple Inc as the largest contributor, accounting for ₹1.25 trillion. iPhone exports made up nearly 70 per cent of total smartphone exports in this period.

 

In the first quarter of this financial year (FY25), smartphone exports reached $4.85 billion — 30 per cent higher than in the first quarter of 2023-24 (FY24). By the end of the first six months, exports stood at $8.4 billion, again 30 per cent higher than the $6.5 billion recorded at the end of the first half of FY24.

 

The third quarter of FY25 has been the best-ever quarter for smartphone exports, surpassing $2 billion per month, with total exports reaching $6.8 billion in a single quarter.

 

In the first two months of the fourth quarter, the industry added nearly $5.6 billion in smartphone exports, pushing the total to a staggering $21 billion.

 

Another key milestone for smartphone exports this financial year has been consistently clocking over $2 billion per month since October 2024. By comparison, the highest monthly export in 2022-23 was $1.64 billion, while in FY24, it reached $1.9 billion.

 

Apple vendors — Foxconn, Tata Electronics, and Pegatron — accounted for 70 per cent of total exports, according to estimates, with the rest primarily contributed by Samsung and Indian brands through merchandise exports.

 

Currently, the US and Europe remain the largest destinations for smartphone exports from India. Encouraged by the success of smartphone manufacturing, the government is considering a production-linked incentive scheme to further deepen the ecosystem. The scheme, under active consideration, aims to expand value addition and create massive opportunities for a large number of Indian micro, small, and medium enterprises to join global supply chains.

 

Estimates suggest that 50–55 per cent of India’s smartphone exports go to the US, led by Apple iPhones. Remarkably, smartphones have become the largest Indian export to the US in terms of Harmonized System codes this year, overtaking non-industrial diamonds. Smartphone exports are also part of discussions between India and the US, as both countries work towards finalising a bilateral trade agreement to boost trade.

 

THE SMARTPHONE EXPORT JUGGERNAUT

 

·         Blazes past $20 billion projection with a month to spare

 

·         Soars 54% year-on-year in the first 11 months of FY25

 

·         Apple drives the surge with ₹1.25 trillion in exports

 

·         Exports cross $2 billion monthly since October

 

·         US and Europe remain top destinations for Indian smartphones