Apple to soon overtake Samsung as India’s top smartphone exporter: Report
The exports of Apple smartphones from India may surpass that of Samsung by the end of the current fiscal and are expected to surpass the South Korean giant’s in FY24. From a minuscule share in India’s phone exports a year ago, Apple’s share has risen to $2.2 billion during April and October. Samsung’s share stood at $2.8 billion, not far ahead, a report by Financial Express (FE) said.
Between April and October, the total smartphone exports in India stood at $5 billion, up 127 per cent from $2.2 billion during the same period in FY22. Both companies produce smartphones in India under the Production-linked Incentives (PLI) scheme.
Apple is being manufactured by three companies in India: Foxconn, Pegatron and Wistron. Apple’s share in the total exports between April and October in FY21 was 10 per cent. It has risen to nearly 50 per cent in FY22.
India’s electronics exports registered the second-highest growth during April-October, from $7.87 billion in FY21 to $12.14 billion in FY22. Mobile phones accounted for 30 per cent of the total exports, while in 2022, it stood at 41 per cent.
“Doubling of smartphone exports is largely driving electronics exports. We want to ensure that the sector remains competitive since we are up against China and Vietnam – both formidable trade competitors for India. We also need to keep investor sentiment high so that the shift of supply chains to India remains buoyant,” Pankaj Mohindroo, chairman of India Cellular and Electronics Association (ICEA), told FE.
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