Apple’s
iPhone
exports
from
India
jumped
by
a
third
in
the
six
months
through
September,
underscoring
its
push
to
expand
manufacturing
in
the
country
and
reduce
dependence
on
China.
The
US
company
exported
nearly
$6
billion
(roughly
Rs.
50,451
crore)
of
India-made
iPhones,
an
increase
of
a
third
in
value
terms
from
a
year
earlier,
people
familiar
with
the
matter
said,
asking
not
to
be
named
as
the
information
is
private.
That
puts
annual
exports
on
track
to
surpass
the
about
$10
billion
(roughly
Rs. 84,086
crore)
of
fiscal
2024.
Apple
is
expanding
its
manufacturing
network
in
India
at
a
rapid
clip,
taking
advantage
of
local
subsidies,
a
skilled
workforce
and
advances
in
the
country’s
technological
capabilities.
India
is
a
crucial
part
of
the
company’s
effort
to
lessen
its
reliance
on
China,
where
risks
have
grown
along
with
Beijing’s
tensions
with
the
US.
Three
of
Apple’s
suppliers
—
Taiwan’s
Foxconn
Technology
Group
and
Pegatron,
and
homegrown
Tata
Electronics
—
assemble
iPhones
in
southern
India.
Foxconn’s
local
unit,
based
on
the
outskirts
of
Chennai,
is
the
top
supplier
in
India
and
accounts
for
half
of
the
country’s
iPhone
exports.
Salt-to-software
conglomerate
Tata
Group’s
electronics
manufacturing
arm
exported
about
$1.7
billion
(roughly
Rs.
14,294
crore)
in
iPhones
from
its
factory
in
Karnataka
state
from
April
to
September,
the
people
said.
Tata
acquired
this
unit
from
Wistron
Corp.
last
year,
becoming
the
first
Indian
assembler
of
Apple’s
bestselling
product.
The
dollar
figure
refers
to
the
devices’
estimated
factory
gate
value,
not
the
retail
price.
Representatives
for
Apple
declined
to
comment.
Pegatron
also
declined
to
comment,
while
Foxconn
and
Tata
spokespersons
didn’t
respond
to
requests
for
comment.
iPhones
account
for
the
bulk
of
India’s
smartphone
exports
and
helped
the
product
category
become
the
top
export
to
the
US
at
$2.88
billion
(roughly
Rs. 24,211
crore)
in
the
first
five
months
of
this
fiscal
year,
according
to
federal
trade
ministry
data.
Five
years
ago,
before
Apple
expanded
manufacturing
in
India,
the
country’s
annual
smartphone
exports
to
the
US
were
a
meager
$5.2
million
(roughly
Rs.
43.7
crore).
Still,
Apple
accounts
for
just
under
7
percent
of
India’s
smartphone
market,
which
is
dominated
by
Chinese
brands
such
as
Xiaomi,
Oppo
and
Vivo.
And
while
still
a
small
market
for
iPhones
globally,
Apple
is
making
big
bets.
The
subsidies
by
Prime
Minister
Narendra
Modi’s
administration
helped
Apple
assemble
its
pricey
iPhone
16
Pro
and
Pro
Max
models,
with
better
cameras
and
titanium
bodies,
in
India
this
year.
It’s
also
seeking
to
open
new
retail
stores,
including
in
the
southern
tech
hub
of
Bangalore
and
western
city
of
Pune.
Last
year,
Chief
Executive
Officer
Tim
Cook
launched
Apple’s
first
shops
in
the
financial
hub
of
Mumbai
and
capital
New
Delhi.
The
grand
openings,
the
marketing
blitz
around
the
new
stores,
an
aggressive
online
sales
push
as
well
as
a
rapidly
growing
middle
class
that
aspires
to
own
Apple
products
boosted
its
annual
India
revenue
to
a
record
of
$8
billion
(roughly
Rs.
67,250
crore)
in
the
year
through
March.
©
2024
Bloomberg
LP
