Apple has significantly increased its iPhone exports from India, hitting more than $2 billion in value within the first two months of the current financial year (FY25), says a report by Business Standard. This figure represents 81 per cent of India’s total production of iPhone models, valued at $2.6 billion. In both April and May, Cupertino-based Apple surpassed $1 billion in iPhone exports.
During FY25, Apple’s primary vendor and contract manufacturer, Foxconn or Hon Hai Technology Group accounted for 65 per cent of the total iPhone exports from the country, while Wistron, another key iPhone vendor, contributed 24 per cent. Pegatron, meanwhile, made up for the remaining 11 per cent of iPhone exports from India. All three vendors are part of the smartphone Production Linked Incentive (PLI) scheme, which has now entered its fourth year.
Rising iPhone exports gave a boost to India’s mobile phone exports to hit $15.5 billion in FY24, marking a significant increase of nearly 40 per cent compared to the $11.1 billion in exports recorded in FY23.
With the world’s largest global value chain (GVC), the Cuertino, California-based tech giant concluded FY24 in India with a total iPhone production valued at $14 billion in free-on-board (FOB) terms.
Depending on logistics and local taxes, the market value of these iPhones is estimated to be around $22 billion. In FY24, Apple exported iPhones worth $10 billion, representing 70 per cent of the year’s FOB production value, the report further added.
Notably, last year, 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, The Economic Times (ET) reported.
Meanwhile, Tata Electronics is developing a highly intricate and advanced high-precision machinery internally, specifically tailored for producing Apple iPhone casings, another report by ET said in April. Citing sources, the report added that the company has partnered with two Indian manufacturers to enhance its capabilities and intends to eventually export these sophisticated machines.