Electronic goods exports up by 49% on-year in April-Dec 2021

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SME Times News Bureau | 28 Jan, 2022
India's electronic goods exports registered a growth of 49 per cent at $11.0 billion in April-December 2021 compared to $7.4 billion during the same period in 2020, Ministry of Commerce & Industry has said in a statement.

The top five export destinations in April-November 2021 are - USA (18 per cent), UAE (16.6 per cent), China (7.6 per cent), Netherlands (4.5 per cent) and Germany (4.2 per cent).

Meanwhile, the electronic goods exports in December 2021 touched $1.67 billion, registering a growth of 33.99 per cent, over $1.25 billion logged in December 2020.

The overall electronic goods exports FY21 were $11.11 billion.

"With $11.0 billion exports achieved in the first three quarters of FY22, the sector is set to break all-time record highs, far exceeding the previous high of $11.7 billion recorded in FY 20," the ministry added.

The electronic goods sector includes IT hardware (laptops, tablets), consumer electronics (TV and audio), industrial electronics, auto electronics, electronic components, LED lighting, wearables and hearables, and Telecom equipments among others. Mobile Phones constitute a major chunk of India's electronics goods exports.

The Ministry of Electronics and Information Technology (MeitY) recently released the second volume of a 5-year road map and vision document for the electronics sector; the first volume was released in November 2021.

The document lays the road map to "transform India into a $300 billion electronics manufacturing powerhouse over the next 5 years, from the current US$75 billion. This will make electronics goods among India's 2-3 top ranking exports by 2026".

As per the vision document, the electronics goods exports are expected to increase from the projected $15 billion in 2021-22 to $120 billion by 2026.