India iPhone exports crosses US$ 1 billion in 5 months
Apple's iPhone exports from India have surpassed US$ 1 billion in the five months since April, showing the tech giant's expanding bet on the country amid the government’s push for domestic production.
The export shipments of iPhones manufactured in India, primarily to Europe and the Middle East, are expected to reach US$ 2.5 billion in the 12 months leading up to March 2023, nearly doubling from the year leading up to March 2022.
Earlier this year, Apple began producing the iPhone 13 in India, and the corporation just last week revealed its intentions to produce the most recent iPhone 14. Since 2017, the tech giant has been producing iPhones in India.
Despite contributing only a small portion of the world's iPhone production, Prime Minister Mr. Narendra Modi's goal to position India as a viable alternative to China as the world's factory is encouraged by expanding exports. Due to tensions with the US government and nationwide lockdowns imposed by Mr. Xi Jinping's administration, which have hindered economic activity, Apple, which has historically produced the majority of its iPhones in China, is looking for alternatives.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.