Apple’s iPhone exports from India surge

Total smartphone exports from India rise to US$ 16.5 billion

April 17, 2024

Apple's move to diversify its supply chain and tap into India's expanding consumer market contribute to the surge

The US remains the largest importer of smartphones from India, with iPhone imports skyrocketing to US$ 5.46 billion

Production-Linked Incentive (PLI) scheme plays a crucial role in encouraging Apple and other tech giants to invest in local manufacturing

iPhones constituted $5.46 billion, representing a substantial surge from the $2.1 billion recorded in the preceding fiscal year

The export of iPhones from India has experienced a remarkable upswing, nearly doubling from US$ 6.27 billion in the fiscal year 2022-23 to US$ 12.1 billion in 2023-24. This surge is part of a broader trend in which total smartphone exports from India escalated from US$ 12 billion to US$ 16.5 billion during the same period.

Several factors have influenced Apple’s decision to bolster its manufacturing presence in India. Key considerations include diversifying the supply chain and mitigating risks associated with geopolitical tensions. Furthermore, tapping into India’s expanding consumer base has been a significant driving force. Government incentives, notably the PLI scheme, have also played a pivotal role in encouraging Apple and other tech giants to invest more in local manufacturing capabilities.

India’s increased role in Apple’s manufacturing strategy has had noticeable repercussions on global markets, particularly in the United States. The US remains the largest importer of smartphones from India, with imports amounting to approximately $6 billion in the fiscal year 2023-24. Within this, iPhones constituted $5.46 billion, representing a substantial surge from the $2.1 billion recorded in the preceding fiscal year.

According to a recent report, Apple is discussing with Tata Group’s Titan and Chennai-based Murugappa Group the manufacture of iPhone camera modules in India. While the company assembles iPhones in India, the camera modules are still imported. Local manufacturing of these modules in India will diminish Apple’s reliance on the Chinese market.

Source: Business Today

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