India’s smartphone exports to the US have surged, reaching $2 billion in the June quarter, overtaking non-industrial diamonds, which stood at $1.44 billion.
This shift began in the December quarter of FY24 when smartphone exports, driven largely by Apple iPhones, hit $1.42 billion, surpassing diamond exports at $1.3 billion. The trend has continued with smartphone exports rising by 43% in the final quarter of FY24, while diamond exports dropped by 4.6%. This marks a significant change in India’s export landscape.