iPhone exports from India nearly double to $12.1 billion in FY24: Report

Apple's iPhone exports from India nearly doubled to $12.1 billion in the fiscal year 2023-24, up from $6.27 billion in the previous fiscal year, according to the trade intelligence platform The Trade Vision.

The total smartphone exports from India also saw a surge, hitting $16.5 billion in the fiscal year 2023-24, compared to $12 billion in the preceding year. The substantial growth underscores the increasing importance of India in Apple's global supply chain, as highlighted by The Trade Vision LLC.

The decision by Apple to expand its manufacturing operations in India is attributed to various factors, including the need to diversify its supply chain, mitigate risks associated with geopolitical tensions, and tap into India's expanding consumer market.

Initiatives like the Production-Linked Incentive (PLI) scheme introduced by the Indian government have further incentivized companies like Apple to invest in local manufacturing, noted Monika Oberoi, Vice President of Sales and Marketing at The Trade Vision LLC.

Significantly, the United States remains the largest importer of smartphones from India, with imports totalling around $6 billion in the fiscal year 2023-24. Out of this amount, Apple iPhones constituted a substantial portion, accounting for $5.46 billion. This marks a significant increase from the $2.1 billion recorded in the fiscal year 2022-23, indicating a growing preference for Indian-made iPhones among American consumers, according to Trade Vision.

(With PTI inputs)