US is now the largest buyer of India-made smartphones
The United States has overtaken the United Arab Emirates (UAE) as the leading importer of smartphones manufactured in India. The data from India's Ministry of Commerce revealed that between January and May 2024, the US imported 7.6 million units while the UAE imported 3.8 million units. These two nations accounted for nearly half of India's total smartphone exports during this period, which amounted to 26 million units shipped to 91 countries worldwide.
India's smartphone exports witness significant growth
India's smartphone exports have seen a substantial increase, growing by 20% between January-May 2024 compared to the previous year. The US experienced a remarkable surge in shipments from India, with an increase of 71%. On the other hand, exports to the UAE saw a decrease of 37.8% during this period. European Union countries also boosted their imports from India by over 30%.
$10 billion export value in H1 2024
The upward trend in India's smartphone exports continued into the first half of 2024, with a total export value of $10 billion recorded from January to June. This figure represents a one-third increase from the $7.5 billion worth of smartphones exported during the same period in 2023. In FY24, smartphone shipments from India rose by 42.2% to reach a total value of $15.6 billion, with iPhones constituting 65% of these exports.
Who paid highest price per smartphone unit?
Despite the US being the largest buyer, Russia and Belarus paid the highest price per smartphone unit at $600 and $604, respectively. This is compared to $452 for the US and an average of $320 per shipment for total exports. Interestingly, Russia's cost per smartphone increased by 15% compared to last year while for the US, costs rose only by 2%.
Russia's imports from India surge by over 700%
Russia also witnessed a significant rise in imports from India, with a surge of over 700% and moving up eight ranks to 17th place among the top nations receiving India's exports. The Netherlands was replaced by Austria and the UK as top export destinations. The share of the top 10 destinations in India's smartphone exports fell from 88% to 85%, with countries like Belarus, Russia, and Mexico gaining ground.
