US biggest export destination for Indian smartphones in Apr-Jul; UAE 2nd: Govt data
The smartphone exports to the US jumped multiple times to USD 1.67 billion during the first four months of this fiscal against USD 284.6 million a year ago, the commerce ministry data showed. The US accounted for one-third of the shipments in value terms.
India exported smartphones worth USD 4.67 billion in April-July this fiscal, following a multifold jump in shipments to the US, which emerged as the biggest destination for India-made devices, according to government data.
The smartphone exports to the US jumped multiple times to USD 1.67 billion during the first four months of this fiscal against USD 284.6 million a year ago, the commerce ministry data showed. The US accounted for one-third of the shipments in value terms.
The US was followed by the UAE (USD 836.36 million), the Netherlands (USD 379.3 million), the UK (USD 336.27 million), Italy (USD 245.7 million), and the Czech Republic (USD 230.25 million).
Overall India's export of smartphones in 2022-23 was USD 10.95 billion. During April-July 2023-24, smartphone exports soared by 99.52 per cent over April-July 2022-23. Prior to 2022-23, the smartphone exports were non-existent, so the data was not captured.
After the announcement of the Product Linked Incentives (PLI) scheme and the entry of US-based iPhone maker Apple into domestic manufacturing, India is emerging as a major production hub for smartphones.
Catch the latest stock market updates here. For all other news related to business, politics, tech, sports, and auto, visit Zeebiz.com.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
NPS Retirement Planning: How to get Rs 1 lakh monthly pension by investing just Rs 1,000 a month; know calculations
BHEL shares lock in 10% upper circuit on multiple order wins worth Rs 7,000 crore for PSU engineering firm
Cochin Shipyard, Engineers India, Bharat Dynamics and NBCC (India): From scaling heights to touching lower circuits, the rise and fall of PSU stocks
Jammu & Kashmir Lok Sabha Election Winners List 2024: BJP, JKN win 2 seats each; 1 seat goes to independent candidate
09:08 PM IST