The news: India's smartphone exports have doubled in the last year, thanks to Apple's decision to move 7% of its iPhone production to the country. The total smartphone export market was valued at $5.4B in the 2022 fiscal year (FY), but it has now reached $10.9B, with Apple's iPhones contributing an estimated half of that amount Why it matters: Apple's shift in production to India has significantly impacted the country's export data, according to Business Standard. In the latest figures for FY 2023, smartphones ranked among the top five exported commodities in India, based on value using harmonized system codes. Currently, smartphones rank fifth in exports, following diesel fuel, diamonds, aviation fuel, and gasoline, a jump from the ninth position in FY 2022. What the numbers say: In FY 2020, India exported mobile phones worth $3.57B, making it one of its fastest-growing industries. The country benefits from favorable government policies, financial support, and supportive regulations for the electronics sector. With increasing production capacity and global demand, India's mobile phone exports are projected to reach $110B in FY 2026.
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