look news india
MUMBAI: India is getting closer to China and Vietnam in the smartphone export market as a result of the surge in smartphone exports from the country. Smartphone exports of China and Vietnam declined by 2.78 per cent and 17.60 per cent respectively in the last fiscal year, while India's smartphone exports grew by 40.50 per cent year-on-year, according to data from the International Trade Centre.
India has contributed 50% to the decline in exports to China and Vietnam. Although China still remains the leading country in smartphone exports, it can be understood from the data that India has also made significant progress.
China's smartphone exports are projected to decline marginally to US$132.50 billion in FY24, compared to US$136.30 billion in FY23. Vietnam's exports declined from $31.90 billion to $26.27 billion, while India's smartphone exports grew from $11.10 billion to $15.60 billion.
Smartphones were the fourth-largest export item in India's $15.60 billion merchandise exports last fiscal year.
Commerce ministry sources said export incentives such as the production-linked incentive scheme have helped boost smartphone exports.
