iPhones Accounted For 80% Of All Smartphone Exports From India In May: Report
India's total smartphone exports in May stood at Rs 12,000 crore and its outward shipments of iPhones stood at Rs 10,000 crore, according to media reports on Monday.
In the first two months of FY 2023-2024 alone, iPhone exports from India stood at over Rs 20,000 crore (USD 2.4 billion). While in the same period preceding year, India exported Apple phones worth Rs 9,066 crore.
Reports mentioned that Apple accounted for 80 per cent of all smartphone exports from India in May. The rest 20 per cent was shared by Samsung and some other brands. It underlined that May's iPhone exports aligned with Apple's strategy of diversifying its supply chain and shifting away from China.
In the financial year 2022-2023, India’s iPhone exports were worth USD 5 billion. Apple was the first such brand to achieve this milestone. The data was supported by the India Cellular and Electronics Association (ICEA).
The tech giant is also looking forward to manufacturing AirPods in India.
Meanwhile, a recent report by Bank of America said, on the back of the Centre's production-linked incentive (PLI) scheme, Apple is likely to shift 18 per cent of its global production of iPhones in India by FY 2025, considering its share that stood at 7 per cent in FY 2023.
The reports on May smartphone exports also highlighted iPhone exports from India, which rose to Rs 40,000 crore in FY 2023. The growth was within two years of the Rs 38,000 crore PLI scheme for mobile phones, which was passed in 2020. The iPhone exports in FY 2022 stood at Rs 11,000 crore.
The reports revealed that iPhone export is expected to accelerate further as it has already reached a run-rate of USD 1 billion of monthly exports since February this year.
