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regular-article-logo Friday, 24 May 2024

Apple's iPhone exports from India almost doubled to USD 12.1 bn in FY24: Trade Vision

The total smartphone exports from India surged to USD 16.5 billion in 2023-24, up from USD 12 billion in the preceding year

PTI New Delhi Published 16.04.24, 06:09 PM
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Apple's iPhone exports from India almost doubled to USD 12.1 billion in 2023-24 from USD 6.27 billion in the preceding fiscal, trade intelligence platform The Trade Vision said on Tuesday.

The total smartphone exports from India surged to USD 16.5 billion in 2023-24, up from USD 12 billion in the preceding year. This surge underscores the broader impact of Apple's presence on the industry, driving growth and innovation in the Indian manufacturing ecosystem, the company stated. Apple's iPhone exports from India witnessed a staggering increase from USD 6.27 billion in the fiscal year 2022-23 to USD 12.1 billion in 2023-24, representing a massive surge of nearly 100 per cent. This exponential growth underscores the pivotal role that India now plays in Apple's global supply chain, The Trade Vision LLC stated.

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"Apple's decision to ramp up its manufacturing operations in India has been motivated by various factors, including the need to diversify its supply chain, mitigate risks associated with geopolitical tensions, and capitalise on India's burgeoning consumer market.

"Initiatives such as the Production-Linked Incentive (PLI) scheme introduced by the Indian government have further incentivised companies like Apple to invest in local manufacturing," said Monika Oberoi, Vice President - Sales & Marketing, The Trade Vision LLC.

According to the trade intelligence platform, the presence of India-made iPhones in the US market has been steadily gaining momentum, marking a significant stride in Apple's strategic shift of its global manufacturing base to India.

"Of particular significance is the United States' status as the largest importer of smartphones from India, with imports totalling approximately USD 6 billion in the fiscal year 2023-24.

"Out of this substantial figure, Apple iPhones constituted a significant portion, accounting for USD 5.46 billion. This represents a substantial increase from the USD 2.1 billion recorded in the fiscal year 2022-23, indicating the growing preference for Indian-made iPhones among American consumers," Trade Vision stated.

Except for the headline, this story has not been edited by The Telegraph Online staff and has been published from a syndicated feed.

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