News Brief
Apple Exports $6 Billion Worth India-Made Iphones In Six Months, Set To Exceed $10 Billion Target Amid Diversification From China
Apple CEO Tim Cook at the Inauguration of Apple's first Retail store
Tech giant Apple exported nearly $6 billion worth of India-made iPhones in the April- September 2024 quarter as it strategised to reduce its reliance on China.
This represents a 33 per cent increase in value compared to last year's period, setting Apple on track to exceed $10 billion in exports by the end of this fiscal year.
During the fiscal year ending March 2024, Apple assembled $14 billion worth of iPhones in India, doubling its production from the previous year. Of that, about $10 billion worth was exported.
Although Apple commands less than 7 per cent of India’s smartphone market, where Chinese brands like Xiaomi, Oppo, and Vivo dominate, the company is betting big on India’s potential.
iPhones now dominate India’s smartphone exports, making them the top product category shipped to the US.
In the first five months of this fiscal year, smartphone exports to the US totaled $2.88 billion, a remarkable leap from just $5.2 million five years ago, before Apple ramped up local production.
In addition, government subsidies have enabled Apple to produce high-end models like the iPhone 16 Pro and Pro Max, featuring advanced cameras and titanium bodies, in India for the first time.
Apple has also been busy expanding its retail footprint. After opening its first flagship stores in Mumbai and Delhi in 2023, the company is now eyeing new locations in Bangalore and Pune.
Foxconn’s facility near Chennai plays the most significant role, accounting for about half of India’s iPhone exports.
Meanwhile, Tata Group has emerged as an important player, producing around $1.7 billion worth of iPhones from its Karnataka plant over the last six months.
Tata took over the factory from Wistron Corp. last year, becoming the first Indian company to assemble Apple’s flagship devices.
India has become a key part of Apple’s plan to diversify its operations away from China amidst growing geopolitical tensions between Beijing and Washington.
Amidst this Apple has been expanding its manufacturing base in India rapidly, leveraging local subsidies, skilled labor, and the country’s technological progress, in contrast to the case of China where the economic slowdown following Covid-19 lockdowns and a property crisis has affected sales.
However, China remains critical for manufacturing and sales, and India is unlikely to replace it as Apple’s primary market anytime soon.
