The breakout of Omicron, a new variant of the post-Covid-19 virus, will not have much of an effect on the electronics and smartphone industry and its sales, says the analysis reports of experts of fields.
The first case of this variant was reported from African countries due to which the exports of India might see a negative impact in its overall exports to these countries due to the Omicron virus breakout.
Barring public movement, the mobile industry of India won’t see much of a change in its overall sales value. Having said that, we as people of the nation need to stay watchful to counter any indefensible situations that may occur in the future.
The founder of Techarc and the chief of Techarc says that the supply chain of the smartphone industry will not face much of an effect of the Omicron virus. But it will certainly hit the sales on the consumer end if the supply chain gets affected by the Omicron virus which looks uncertain at the moment.
People across the globe prefer the Christmas and new year period for shopping and buying electronics, gadgets, and new phones. This is because during festive seasons sellers give attractive offers, eye-catching discounts, and thousands of options to choose from.
There are chances that the exports of India might get affected as India exports mobile accessories more than 12% to the African countries.
The smartphone industry of India greatly relies on exports as African countries offer a huge market to India.
Total Import And Export Value Of India
❖ India imported goods worth $582.02 billion in 2017
❖ India imported goods worth $639.01 billion in 2018
❖ India imported goods worth $601.58 billion in 2019
❖ India imported goods worth $482.45 billion in 2020
Exports
❖ India exported goods worth $498.26 billion in 2017
❖ India exported goods worth $538.64 billion in 2018
❖ India exported goods worth $529.02 billion in 2019
❖ India exported goods worth $474.15 billion in 2020
Current Trade Statistics of India
➢ Trade Balance: $-23.27 million in Nov 2021
➢ Total Imports: $52.94 billion Nov 2021
➢ Total Exports: $30.04 billion Nov 2021
➢ Current Account: $6500 million
What are the products India exports the most?
Mineral Oils & Fuels $27.6 billion (10%), Precious Metals & Gems $24.5 billion (8.9%), Organic Chemicals $17.4 billion (6.3%), Pharmaceuticals $18.4 billion (6.7%), Electronics & Computers $18 billion (6.5%), Plastics & Articles of Plastics $6.6 billion (2.4%), Cereals $8.7 billion (3.1%), Electrical Machinery & Equipment $13.5 billion (4.9%), Steel & Iron $10.6 billion (3.9%), and Vehicles $13 billion (4.7%) were some of the top exported products of India according to India export data 2020.
What are the major trading partners of India?
The United States $49.3 billion (17.9%), United Arab Emirates $18 billion (6.5%), United Kingdom $7.77 billion (2.8%), China $19 billion (6.9%), Hong Kong $9.5 billion (3.5%), Bangladesh $7.91 billion (2.9%), Singapore $8.3 billion (3%), Vietnam $4.5 billion (1.6%), South Korea $4.52 billion (1.6%), Germany $7.7 billion (2.8%), Malaysia $6.2 billion (2.2%), Netherlands $6.3 billion (2.3%), Belgium $4.57 billion (1.7%), Saudi Arabia $6.2 billion (2.2%), Nepal $5.9 billion (2.1%) were the top trading partners of India during 2020 according to India exports and imports data 2020.
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