India’s smartphone exports have overtaken diamonds! Thanks to Apple iPhones, they have surpassed non-industrial diamonds, reaching $2 billion in this Q2 and marking a significant milestone.
Smartphones, primarily driven by Apple iPhones, have emerged as India’s largest export to the US, surpassing non-industrial diamonds. Recent data from the Department of Commerce reveals that smartphone exports reached $2 billion in the June quarter, outpacing diamond exports, which totalled $1.44 billion.
In the fiscal year 2024 (FY24), India’s total smartphone exports amounted to $15.6 billion, with iPhones accounting for 66% of this figure. The previous quarter saw smartphone exports to the US hit $1.42 billion, again exceeding diamond exports at $1.3 billion. By the end of FY24, smartphone exports surged 43% quarter-on-quarter (QoQ) to $2.02 billion, while diamond exports fell 4.6% to $1.24 billion.
This growth reflects the effectiveness of India’s production-linked incentive (PLI) scheme for mobile devices. Before the PLI was introduced, smartphone exports totalled just $1.6 billion in FY19.
By FY23, Apple had exported over $5 billion worth of iPhones from India, significantly contributing to the country’s smartphone export total of $11.1 billion. In FY24, iPhone exports soared to $10 billion, solidifying their role in India’s export landscape.
The rise in smartphone exports underscores India’s growing position in the global market. There was a notable 158% increase in smartphone exports to the US, amounting to $5.56 billion, making it the country’s second-largest export to the US after diamonds.
