India's smartphone exports have reached a historic milestone, surpassing US$ 2 billion in October 2024, marking the highest monthly total ever recorded. This impressive achievement, as reported by the Indian Cellular and Electronics Association (ICEA), underscores India’s growing role in global mobile supply chains. The surge in October exports is primarily attributed to Apple’s iPhone, with the company continuing to dominate India’s export landscape.

For the first seven months of the current financial year, smartphone exports from India have already exceeded US$ 10.6 billion, reflecting a 37% increase compared to the same period last year. This is a significant jump from US$ 7.8 billion in the previous year, driven by strong demand and increased manufacturing capacity within the country. The October surge represents a 23% increase over the previous record of US$ 1.78 billion set in May 2024, and a 70% rise compared to US$ 1.2 billion in October 2023.

Looking ahead, India’s smartphone export growth remains strong, with total exports for the fiscal year FY24 expected to reach US$ 15 billion, of which Apple and its suppliers are expected to account for over US$ 10 billion. In the following fiscal year, ICEA forecasts that exports could rise to between US$ 18 billion and US$ 20 billion by the end of FY25. During this period, 35% of India’s smartphone production by value is anticipated to be exported, further cementing India’s position as a key player in the global mobile manufacturing landscape.

Apple’s influence is particularly noteworthy, with its iPhone shipments making up nearly two-thirds of the export value in the first seven months of FY25. Key suppliers like Foxconn, Pegatron, and Tata Electronics have played a crucial role in this expansion. Foxconn, in particular, has contributed about a third of the US$ 10.7 billion in exports, while Tata Electronics has experienced a remarkable 115% year-over-year growth, further highlighting the strength of India’s mobile manufacturing ecosystem.

This record-setting performance is expected to continue, with India poised to further increase its share of global smartphone exports in the coming years, particularly as global manufacturers continue to diversify their supply chains.

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