Apple and Mobile Phones Fueling 22% Growth in Electronics Exports

Mobile Devices Spark 22% Surge in Electronics Exports

Driven by mobile devices and Apple Inc.’s iPhone vendors, electronics exports grew by 21.8% between April and August in 2024-25 (FY25) compared to the same period last year, reaching $13.57 billion. This made electronics the fastest-growing commodity among the top 10 merchandise exports from the country. The importance of electronics exports is underscored by the fact that overall exports of the top 10 commodities grew by only 1% during the first five months of FY25, totaling $145.87 billion.

Mobile Device Exports and Apple's Impact

This remarkable growth is largely attributed to a single product: mobile devices. Mobile device exports were valued at $7.56 billion between April and August this financial year, accounting for 55.7% of total electronics exports.

• A prime mover in this growth is the role of one company — Apple Inc, headquartered in Cupertino — and its three vendors in India: Foxconn, Tata, and Pegatron.
• Collectively, these vendors contributed 67% (or $5 billion) of total mobile device exports in the first five months of FY25.
• They also comprised 37% of total electronics exports during this period.

Apple’s contribution to electronics exports has grown steadily over the years. In 2022-23, the company exported $5 billion worth of phones, representing 22% of total electronics exports. In 2023-24, that figure doubled to $10 billion, accounting for 35% of total electronics exports.

Future Projections for Electronics Exports

Electronics exports have already moved up to the third spot among India’s top exports in the first five months of the current financial year, displacing organic and inorganic chemicals. Now, electronics rank behind only engineering goods and petroleum products. While engineering goods exports rose by 4.2% in the first five months, petroleum product exports fell by 9.8%.

The government is clearly placing a major bet on electronics, with NITI Aayog projecting that with the right reforms and support, exports could reach between $200 billion and $225 billion by 2029-30. However, this would require a compound annual growth rate of 38-40% over the next six years — a target many believe is overly ambitious unless the government introduces deep reforms in taxation and tariffs and expands production-linked incentive support.