Phone imports surge in Sept as local output fails to meet demand

New Delhi: Smartphone imports surged by about a fifth in September, indicating that local output is yet to catch up with peak festive season demand, even as Indian retailers replenished store shelves in anticipation of blockbuster sales through the Navratras and Diwali. Ministry of commerce data showed that companies imported Rs 1,238.2 crore worth of smartphones in September, 20% higher than August’s Rs 1,050.1 crore. This is also 13% higher than previous year’s imports of Rs 1,098.6 crore in September.

“The demand for electronics, particularly smartphones, is high globally and the supply issues continue to hamper domestic production. Due to shortage of components from China and increase in customs duty on display products, it is possible that brands are importing certain volumes,” said a market expert, who asked not to be named.

ET had reported that several top brands including Xiaomi, Oppo and Realme have undertaken fresh imports in the just ended online sales festival to keep up the supply and are rushing customs clearances to stock up for the Diwali sale. As per industry estimates, close to 5-6 million handsets have been imported by various brands and the Diwali sale is expected to be even higher than Navratri, analysts say.

As per various estimates by research firms, the September ended quarter has seen record high smartphone shipments between 50 million and 54.3 million. If the second half of this year touches 100 million shipments, as is forecast, this would be the best performing period for India’s smartphone market. Separately, exports in September decreased month-on-month to Rs 1,585.3 crore from Rs 1,781.1crore. Year-on-year, exports have fallen 17%.

Phone imports surge in Sept as local output fails to meet demand Phone imports surge in Sept as local output fails to meet demand Reviewed by TechCO on 11/09/2020 Rating: 5

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