New Delhi: India's merchandise exports in November dipped by 4.85 per cent to USD 32.11 billion against USD 33.75 billion a year ago, states a government data released on Monday.
Imports increased by 27 per cent to USD 69.95 billion in November compared to USD 55.06 billion in the corresponding month last year. Gold imports in November reached an all-time high of USD 14.8 billion. The trade deficit, or the gap between imports and exports, widened to USD 37.84 billion during the month under review.
The country's merchandise exports had increased by 17.25 per cent to USD 39.2 billion in October this year. During April-November this fiscal, exports increased by 2.17 per cent to USD 284.31 billion and imports by 8.35 per cent to USD 486.73 billion. On the other hand, as per reports, India has seen a record smartphone exports in November this year, surpassing the Rs 20,000 crore mark for the first time in a month, which was led by Apple. According to industry data, smartphone exports crossed Rs 20,300 crore, a more than 90 per cent rise from the same period last year.
Apple led the exports last month, followed by Samsung. In November last year, the smartphone exports from the country were over Rs 10,600 crore, as per the industry data. The smartphone market in the country is expected to exit 2024 with a single-digit annual growth. Meanwhile, riding on the government's production-linked incentive (PLI) scheme, Apple’s iPhone production in the country reached $10 billion in the seven months of this fiscal (FY25), with $7 billion in exports alone which is a record. The tech giant manufactured/assembled $14 billion of iPhones in India last fiscal (FY24), exporting more than $10 billion worth of iPhones.
India’s smartphone market is estimated to grow 7-8 per cent this year, driven by strong demand for premium, 5G and AI smartphones. The mobile handset market in India is expected to maintain steady growth. According to industry experts, to achieve the goal of $500 billion in local electronics manufacturing by FY30, the industry must prioritise export growth to emerge as one of the top three global exporters in this domain by 2030, led by mobile manufacturing.
