Global smartphone maker Apple has exported nearly $6 billion of India-made iPhones in the first six months of FY25, putting the annual exports on track to surpass last year’s number.
The economic survey of 2023-24 had pointed out that Apple had assembled $14 billion worth of iPhones in India during FY24, constituting 14 per cent of its global iPhone production. Analysts at Bloomberg estimate that of $14 billion, it exported roughly $10 billion worth of iPhones.
The rise in exports from India underscores Apple’s push to expand manufacturing in the country and reduce dependence on China. The government’s production linked incentives, including tax breaks and subsidies, is playing a significant role in the expanding manufacturing base of smartphones in India, the economic survey has said.
According to commerce ministry data, India’s smartphone exports (HS code: 85171300) was $15.6 billion in FY24. iPhone exports accounted for the major share of the overall exports from India.
Three of Apple’s suppliers — Taiwan’s Foxconn Technology Group and Pegatron Corp, and homegrown Tata Electronics — assemble iPhones in southern India. Foxconn’s local unit is the top supplier in India and accounts for half of the country’s iPhone exports.
Shipment growth
According to data from International Data Corporation, Apple’s worldwide shipments of smartphones was at 56 million units during the third quarter of 2024, representing 17.7 per cent of overall shipments.
“Apple enjoyed a 3.5 percent year-on-year growth in shipments in the third quarter of 2024, fuelled by a strong demand from the previous models and the launch of the new iPhone 16 lineup,” said Nabila Popal, research director for worldwide client devices, IDC.
“In Q3 2024, older iPhone models, specifically the iPhone 15, performed exceptionally well due to promotions and increased marketing activities around Apple Intelligence.”
“Despite the staggered rollout of Apple Intelligence in markets outside the US, Apple will continue to grow in the upcoming holiday season as it expects many customers to upgrade from the iPhone 13, iPhone 12 and prior models to a new AI-enabled smartphone,” she said.
