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Export News
20-06-2023
Apple iPhone exports from India surged by Rs. 100 billion in May this year, according to the Economic Times. According to the Cellular and Electronics Association of India, smartphone exports exceeded Rs 200 billion in April 2023 and May 2023, more than twice as much as in the same period last year (Rs 90.66 billion).
Apple iPhone exports from India grew nearly fourfold to $5 billion in fiscal 2023, as the company ramped up local production of the device.
India - a lucrative manufacturing destination
Apple assembled more than $7 billion worth of iPhones in India last fiscal year, tripling production in the world's fastest-growing smartphone segment, according to Bloomberg. The U.S. company now makes nearly 7 percent of its iPhones in India through partners such as Foxconn Technology Group, Wistron Corp. and PEGATRON Corp. The three Taiwanese companies together employ about 60,000 workers in India and make everything from the iPhone 11 to the latest iPhone 14 model.
Experts say iPhone exports from April to May underscore the Cupertino-based company's efforts to make India the second-largest base for iPhone manufacturing.
The Cupertino-based company is diversifying its supply chain out of China and expanding its presence in India as a potential new hub for high-end phones.
In the wake of the Covid pandemic, Apple Inc is gradually shifting its focus to India due to geopolitical tensions between the U.S. and China and New Delhi's ambitious smartphone production-related incentives (PLI) program.
India is exporting smartphones to several developing countries, including the United Kingdom, Italy, France, the Middle East, Japan, Germany and Russia.
Apple in India
In January 2016, Apple Inc. applied to the Indian government to open its own retail stores in India. That same year, India relaxed its investment rules for foreign retailers, clearing the way for giants such as Apple and IKEA to open stores in India.
In September 2020, Apple opened its first online store in India.
In April this year, Apple CEO Tim Cook visited India to open two high-end smartphone brand retail stores in Mumbai and New Delhi.
During Prime Minister Narendra Modi's June 21-24 state visit to the United States, the Indian delegation is expected to highlight Apple's success story here in an effort to convince U.S. companies such as Tesla to move their supply chains to India. "The focus is on strengthening the supply chain," one of the officials said. The focus areas will be on semiconductors, electric vehicles and other key emerging technologies, the officials said. The Indian delegation has planned several industry partnerships, especially with companies in key emerging technologies and supply chains, the officials said.
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