iPhone Exports From India Double, Predicted To Hit Record $13B This Year As Apple's Pivot Away From China Pays Off
Portfolio Pulse from Shomik Sen Bhattacharjee
Apple Inc. has seen a significant increase in iPhone exports from India, with April figures nearly doubling to $1.1 billion from $580 million the previous year. This growth could position India as Apple's second-largest iPhone manufacturing hub after China. Currently, 14-15% of Apple's total iPhone production is in India, with projections to rise to 26% by 2026. Apple's production in India for FY2024 reached $14 billion, with exports over $10 billion, marking the highest annual export value by any company in India. Apple's contract manufacturers in India, including Foxconn, Wistron (now owned by Tata Group), and Pegatron (in talks for a majority stake sale to Tata), benefit from India's production-linked incentive (PLI) scheme. Apple's market presence in India is also growing, with a 38% YoY growth and aims to increase its local market share.
May 13, 2024 | 9:37 am
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Apple Inc.'s iPhone exports from India have nearly doubled in April, reaching $1.1 billion. This growth is part of a broader strategy to diversify manufacturing bases and reduce dependency on China. With India's production expected to increase significantly, Apple's global supply chain could see enhanced efficiency and resilience. The company's strong performance in India, including a record $14 billion production value in FY2024, underscores its commitment to expanding its footprint in the region.
The significant increase in iPhone exports from India not only highlights Apple's successful expansion and diversification of its manufacturing base but also suggests a positive outlook for its supply chain efficiency and market growth in India. This development is likely to be viewed positively by investors, potentially leading to a short-term positive impact on AAPL's stock price.
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