Apple iPhone Models Worth More Than $5 Billion Exported From India In FY 2023
India's iPhone exports jumped almost four times to cross $5 billion or more than Rs 40,000 crore in FY 2023, in the wake of increased local production of Apple iPhone models.
India's iPhone exports jumped almost four times to cross $5 billion or more than Rs 40,000 crore in FY 2023, in the wake of increased local production of Apple iPhone models, says a report by ET Telecom. India has become a smartphone export hub for countries including Germany, Russia, the UK, France, Italy, the Middle East and Japan.
The overall smartphone exports from India also crossed $10 billion for the first time in a FY, with South Korean tech giant Samsung exporting smartphones worth around $3.5-$4 billion in FY 2023, the report added, citing industry and trade data.
Experts suggest that Apple iPhone became the first brand to cross the $5 billion export mark from India, thus, highlighting the speed at which the Cupertino, California-based tech giant is ramping up its production in the country. Apple also locally assembles the iPhone 14 and iPhone 14 Plus in India.
To recall, in January Apple outpaced rival Samsung to become the first company to export smartphones worth $1 billion or Rs 8,100 crore in a month from India. December was also a record month for the smartphone industry with mobile phone exports of over Rs 10,000 crore, data showed.
Apple and local manufacturing in India
Apple has been ramping up the production of iPhones in India especially after its biggest contract manufacturer and partner Foxconn witnessed unrest in China at the Zhengzhou manufacturing plant. Foxconn in China witnessed major supply-chain disruptions late last year due to the country's zero-Covid policy.
Meanwhile, Tata Group is likely to complete the acquisition of contract manufacturer Wistron's iPhone plant in the southern city of Bengaluru by the end of this month, a recent report by Business Line said. This move, if materialises, will make India its first home-grown production line for Apple products. According to the report by the publication, Tata Group has already started making organisational changes at the plant.
Apple's Big Retail Push In India With Opening Of BKC, Apple Saket
Earlier this week, Apple officially announced the opening dates of its retail stores in Mumbai and Delhi, thus, marking a significant expansion in the country. The new stores, Apple BKC in Mumbai and Apple Saket in Delhi, will open their doors to customers on April 18 and 20, respectively. Apple BKC, as the name suggests, will be located at the Bandra Kurla Complex (at the Jio World Drive Mall) in South Mumbai, while Apple Saket will be located in South Delhi's Saket.
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