Electronics exports from India to the US jumped over two-fold year-on-year to USD 6.6 billion during January-September 2023, industry body ICEA has said.
“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 from USD 8.4 billion in the last fiscal 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,” Indo-US Task Force on Electronics Chairman RS Sharma said.
The share of electronics imports from China into the US has decreased from an estimated 46 per cent in 2018 to an estimated 24 per cent in January-September 2023. 2018 was the year when 25 per cent tariffs on many Chinese goods were imposed by the US. These are famously known as the ‘Trump Tariffs’.
Meanwhile, Vietnam and Taiwan have experienced the most significant rise among exporting countries from 2018 to 2022, their exports to the US soared 420 per cent and 239 per cent, respectively.
Mohindroo said the US has really walked the talk on this critical geopolitical issue by diversifying supply chains.