50 percent increase in electronics exports along with smartphones, other products

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New Delhi: The latest figures from the Ministry of Commerce show that there has been a strong growth in electronics exports, including smartphones. It has played a major role in the 31 percent increase in merchandising exports in value terms in FY23.

Merchandise exports increased by $25 billion to $447 billion in FY23 from $422 billion in the previous year. In this, the share of smartphone and iPhone exports is 23 percent and 15 percent respectively. Electronics exports have increased by more than 50 percent in FY23. It has increased to $23.5 in the current financial year. The share of readymade garments exports in total textiles has increased by only 1.1 per cent to reach $16.1 billion in FY23.

Many experts believe that if this trend continues, electronics exports could overtake drugs and pharmaceuticals, which ranked fifth with exports of $25 billion in FY23, a 3 percent increase over the previous year.

Electronics exports may also overtake organic and inorganic chemical exports in FY24. Exports of these chemicals increased by only 3.2 percent to $30 billion in FY23 and are the fourth largest export.

Electronics exports are being boosted by sharp rise in mobile exports. Manufacturing in India has been boosted by the government's Production Linked Incentive Scheme. Smartphone exports from India doubled to $11.5 billion in FY23, accounting for half of the total value of electronics exports.

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