News Brief

Apple's iPhone Exports From India Zoom To Over $2 Billion In First Two Months Of FY25

Kuldeep Negi

Jun 12, 2024, 05:29 PM | Updated 05:29 PM IST

An Apple logo.
An Apple logo.

Apple has significantly ramped up its iPhone exports from India, with exports valued at over $2 billion in the first two months of the current financial year (FY25).

This represents 81 per cent of the country’s total production of iPhones worth $2.6 billion.

In May, Apple continued its strong performance from April, surpassing $1 billion in iPhone exports for the second straight month, Business Standard reported.

Under the production-linked incentive (PLI) scheme, the three Apple Inc vendors in FY25 are committed to achieve a production value of $10.2 billion, including exports.

They have already achieved 25 per cent of this target in just two months.

Foxconn Hon Hai, Apple’s leading vendor, contributed 65 per cent of the total exports in FY25 so far, while Wistron and Pegatron contributed 24 per cent and 11 per cent, respectively.

All three vendors are participants in the smartphone PLI scheme and have just entered the fourth year of the five-year scheme.

Apple closed FY24 in India with a total iPhone production value of $14 billion in free-on-board (FOB) value, which would translate to nearly $22 billion in market value depending on logistics and local taxation costs.

In FY24, Apple exported $10 billion worth of iPhones from India, accounting for 70 per cent of the FOB value of the year’s production.

The growing iPhone exports have driven India’s mobile phone exports to $15.5 billion in FY24, a nearly 40 per cent increase from $11.1 billion in FY23.

Electronics exports, led by mobile phones, have risen from sixth place in FY23 with an export value of $23.6 billion, to fifth place in FY24 totalling $29.1 billion, a 23 per cent increase over the previous year.

The iPhone exports constituted 35 per cent of India’s total electronics exports and 65 per cent of its total mobile phone exports in FY24.

Apple has continuously expanded its production and exports from India over the past three years, exceeding $1 billion in exports each month during non-peak periods such as April and May.

Typically, Apple’s production for the Indian market peaks ahead of the festive season between July and October, with the new iPhone model launching in September.

Apple's exports peak from October to December as Indian factories supply iPhones to Western markets during Black Friday, Thanksgiving, and the Christmas and New Year holidays.

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Kuldeep is Senior Editor (Newsroom) at Swarajya. He tweets at @kaydnegi.

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