2 weeks Ago
Apple's iPhone exports from India have reportedly jumped by a third in the six months through September. The iPhone maker has reportedly exported $6 billion worth of its smartphones - estimated factory gate value, not even market value. The numbers come from people in the know that have revealed them to Bloomberg.
This puts annual exports on track to reach the $10 billion in the fiscal 2024. In a move to reduce its dependence on China amidst escalating tensions, Apple has rapidly expanded its manufacturing infrastructure in India since it began manufacturing iPhones in the country in 2017. Bloomberg's report cites local subsidies, a skilled workforce, and the country's technological capabilities as catalysts for the growth.
The iPhone is the bulk of India's smartphone exports to the US at $2.88 billion in the first five months of the fiscal year. Compare that to $5.
2 million before Apple moved some of its manufacturing into India. Still, India as a market remains dominated by Chinese brands like Xiaomi, Oppo and vivo, with the iPhone accounting for just 7% of smartphones sales there. Source (paywalled).
