Apple Iphone Exports From India Nearly Double In April
Date
5/13/2024 2:16:07 PM
(MENAFN- KNN India) New Delhi, May 13 (KNN) Apple has kicked off its fiscal year 2025 with a remarkable surge in Iphone exports from India.
Official data shows that exports of iPhones manufactured in the country nearly doubled in April 2024 to USD 1.1 billion, compared to USD 580 million in the same month last year, reported ET.
Analysts find the jump notable as April typically sees subdued global export activity due to a lack of major sales events.
The strong start puts Apple on track to potentially breach the 1 trillion rupee (USD 12 billion) export milestone from India in the current fiscal year.
India is rapidly solidifying its position as Apple's second-largest manufacturing hub for iPhones after China.
Estimates suggest 14-15 per cent of total iPhone production has already shifted to India, a percentage expected to rise to 26 per cent by 2026.
In fiscal year 2024, Apple's overall production in India surged to a record USD 14 billion, with over USD 10 billion worth of exports.
No other company has achieved such high export figures from India in a single financial year.
Apple manufactures iPhones in India through three contractors - Foxconn, Wistron, and Pegatron - all of which benefit from the country's smartphone production-linked incentive scheme.
(KNN Bureau)
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