Over the last three quarters of the fiscal year 2024–2025, smartphones have grown to be one of India’s top exports to the US. A new report suggests that smartphone exports, driven by an increase in Apple’s iPhone exports, have surpassed non-industrial diamonds and become the largest export product to the US market. Department of Commerce reported that in the June quarter of the 2024–2025 fiscal year, smartphone exports exceeded $2 billion, while non-industrial diamond exports reached $1.44 billion in the same period.
Having said that, this trend shift is quite recent. The shift started in December 2023, or the third quarter of the 2023–2024 fiscal year, when India’s smartphone shipments to the US exceeded $1.42 billion. In contrast, non-industrial diamond exports from India to the US exceeded $1.3 billion over the same year. The export figures for smartphones from India, such as iPhone, reached $2.02 billion during the fourth or final quarter of the 2024–2025 fiscal year, while those for non-industrial diamonds dropped to $1.24 billion.
The rise in smartphone exports has impacted India’s total exports to the US. According to reports, Apple shipped $5.56 billion worth of iPhones to the US in 2023–2024, ranking second in Indian exports to the US after non-industrial diamonds.
