New Delhi, Jan 15 (KNN) According to the Indian Cellular and Electronics Association (ICEA), India's electronics exports to the United States (UN) surged over two-fold to USD 6.6 billion from January to September 2023.

Pankaj Mahindroo, Chairman of ICEA, highlighted that this marks an all-time high in Indian electronics exports. Importantly, the share of electronics from China in the US market has decreased, contributing to India's growth in this sector, as reported by PTI.

Mahindroo mentioned, "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.”

As per data provided by ICEA, India's electronics exports to the US witnessed a remarkable growth of over 300 per cent, surging from an estimated USD 1.3 billion in 2018 to approximately USD 4.5 billion in 2022.

The bilateral electronics trade between India and the US has experienced a substantial 84 per cent increase. The current estimate for January-September 2023 is USD 9 billion, a significant rise from the approximately USD 4.9 billion recorded in the same period in the previous fiscal year.

ICEA initiated the Indo-US Task Force for Electronics in August 2023. The task force aims to elevate the bilateral electronics trade, setting an ambitious goal of increasing it from the previous fiscal's USD 8.4 billion to an impressive USD 100 billion within a decade.

The percentage of electronics imports from China to the US has witnessed a decline, dropping from an estimated 46 per cent in 2018 to approximately 24 per cent in January-September 2023.

Notably, the imposition of 25 per cent tariffs on numerous Chinese goods by the US in 2018, commonly referred to as the 'Trump Tariffs', played a significant role in this shift.

During the period from 2018 to 2022, Vietnam and Taiwan have seen remarkable increases in their exports to the US. Vietnam's exports surged by an impressive 420 per cent, while Taiwan experienced a substantial growth of 239 per cent.

Mohindroo also emphasised that the US has effectively implemented diversification of supply chains, demonstrating a commitment to this crucial geopolitical initiative.

(KNN Bureau)