Tim Hardwick
Apple’s iPhone exports from India reached nearly $6 billion in the six months through September, up 33% from the same period last year, Bloomberg reports. The growth puts Apple on track to exceed its financial target of $10 billion in exports from the region in 2024.
The increase in exports is a result of Apple’s expanding manufacturing network in India, where the company has benefited from local subsidies, a skilled workforce and improving technology infrastructure. Apple’s three main iPhone suppliers in the country are Foxconn, Pegatron and Tata Electronics.
Foxconn’s Chennai unit leads the way in production and accounts for half of India’s iPhone exports. Tata Electronics, which acquired Wistron manufacturing unit last year, exported around $1.7 billion worth of iPhones from its Karnataka plant between April and September, according to the report.
The surge in iPhone production has had a significant impact on India’s export economy. Smartphones have become the country’s top export to the US, reaching $2.88 billion in the first five months of the fiscal year — a sharp increase from just $5.2 million in annual smartphone exports to the US five years ago.
Apple has since deepened its commitment to Indian manufacturing, launching the iPhone 15 Pro models in the country. Apple also expanded its retail presence, opening stores in Mumbai and New Delhi, contributing to record annual revenue of $8 billion in India as of March.
Apple's expansion of manufacturing in India underscores Apple's strategy to diversify its supply chain and reduce its reliance on China, where geopolitical tensions with the United States and economic challenges persist. However, China remains Apple's primary manufacturing hub, and the company has also significantly expanded its research and development capabilities in the world's largest smartphone market.
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