New Delhi: Apple's iPhone exports from India are set to almost double to USD 12.1 billion in 2023-24 from USD 6.27 billion in the previous fiscal, trade intelligence platform The Trade Vision said on Tuesday.
Total smartphone exports from India to grow to US$16.5 billion in 2023-24 from US$12 billion in the previous year. The company said this surge underlines the cascading impact of Apple's presence on the industry, driving growth and innovation in the Indian manufacturing ecosystem.
Apple's iPhone exports from India are expected to increase from US$6.2 billion in fiscal year 2022-23 to US$12.1 billion in 2023-24, showing a massive growth of nearly 100 per cent. The Trade Vision LLC said this rapid growth underscores the important role that India now plays in Apple's global supply chain."Apple's decision to expand its manufacturing operations in India is driven by a variety of factors, including the need to diversify its supply chain, mitigate risks associated with geopolitical tensions, and take advantage of India's growing consumer market.
“Initiatives like the Production-Linked Incentive (PLI) scheme launched by the Government of India have encouraged companies like Apple to invest in local manufacturing,” said Monica Oberoi, Vice President, Sales and Marketing, Trade Vision LLC.
According to the trade intelligence platform, the presence of India-made iPhones in the US market has been steadily increasing, which is a significant progress in Apple's strategic direction of shifting its global manufacturing base to India.
“The United States' position as the largest importer of smartphones from India assumes special significance, with total imports estimated at approximately US$6 billion in fiscal year 2023-24.
“Of this substantial figure, Apple iPhones formed a significant portion, contributing US$5.46 billion.This represents a substantial increase from the US$2.1 billion recorded in fiscal year 2022-23, reflecting the growing preference for Indian-made iPhones among the American people. Consumers,” Trade Vision said.
Total smartphone exports from India to grow to US$16.5 billion in 2023-24 from US$12 billion in the previous year. The company said this surge underlines the cascading impact of Apple's presence on the industry, driving growth and innovation in the Indian manufacturing ecosystem.
Apple's iPhone exports from India are expected to increase from US$6.2 billion in fiscal year 2022-23 to US$12.1 billion in 2023-24, showing a massive growth of nearly 100 per cent. The Trade Vision LLC said this rapid growth underscores the important role that India now plays in Apple's global supply chain."Apple's decision to expand its manufacturing operations in India is driven by a variety of factors, including the need to diversify its supply chain, mitigate risks associated with geopolitical tensions, and take advantage of India's growing consumer market.
“Initiatives like the Production-Linked Incentive (PLI) scheme launched by the Government of India have encouraged companies like Apple to invest in local manufacturing,” said Monica Oberoi, Vice President, Sales and Marketing, Trade Vision LLC.
According to the trade intelligence platform, the presence of India-made iPhones in the US market has been steadily increasing, which is a significant progress in Apple's strategic direction of shifting its global manufacturing base to India.
“The United States' position as the largest importer of smartphones from India assumes special significance, with total imports estimated at approximately US$6 billion in fiscal year 2023-24.
“Of this substantial figure, Apple iPhones formed a significant portion, contributing US$5.46 billion.This represents a substantial increase from the US$2.1 billion recorded in fiscal year 2022-23, reflecting the growing preference for Indian-made iPhones among the American people. Consumers,” Trade Vision said.
