India electronics exports to US jump over two-fold to $6.6 bn in Jan-Sep 2023: ICEA
Electronics exports from India to the US jumped over two-fold yearon-year to USD 6.6 billion during January-September 2023, industry body ICEA has said.
India Cellular and Electronics Association Chairman Pankaj Mahindroo told PTI that this is an all-time high electronics export from India, while the share of electronics imported from China into the US market has declined.
"Recent data highlights a notable surge in India's electronics exports to the US, which increased by approximately 253 per cent to an estimated USD 6.6 billion in the current year (January-September), compared to an estimated USD 2.6 billion in the same period last year," Mohindroo said.
According to data shared by ICEA, India's electronics exports to the US increased by more than 300 per cent from an estimated USD 1.3 billion in 2018 to an estimated USD 4.5 billion in 2022.
The bilateral electronics trade between India and the US has also seen an impressive rise of 84 per cent, with the current estimate standing at USD 9 billion during January-September 2023 from an estimated USD 4.9 billion in the same period preceding fiscal.
In August 2023, ICEA launched the Indo-US Task Force for Electronics with a mission to increase the bilateral electronics trade to an ambitious USD 100 billion in a decade. "The Indo-US Task Force for Electronics is not just about numbers. It's about setting a precedent. With the current trade estimated at USD 9 billion in 9 months, we have seen good improvement. Our goal now is to capitalise on this momentum and significantly elevate our position in the US electronics market," IndoUS Task Force on Electronics Chairman RS Sharma said.