It's being reported this morning that Apple Inc.’s iPhone exports from India crossed $1 billion in the five months since April, according to people familiar with the matter, signaling the South Asian nation is making progress with its bid to become a force in electronics manufacturing.
At the current rate, outbound shipments of India-made iPhones, mainly to Europe and the Middle East, are set to reach $2.5 billion in the 12 months through March 2023, the people said. That’s almost double the $1.3 billion worth of iPhones India exported in the year through March 2022, the people said, asking not to be named as the data isn’t public.
While India makes up just a small fraction of iPhone output, rising exports bode well for Prime Minister Narendra Modi’s plan to make the country an alternative to China as factory to the world. Apple, which long made most of its iPhones in China, is seeking alternatives as Xi Jinping’s administration clashes with the US government and imposes lockdowns across the country that have disrupted economic activity.
Navkendar Singh, an analyst at tech researcher IDC: "The healthy growth in Apple’s manufacturing scale and export shows India is gradually assuming an important position in the company’s China plus one strategy. And for India, this a big sign of the success of its financial incentives scheme."
While iPhone exports have almost doubled this year, India is still far behind China. About 3 million iPhones were made in India last year, compared with 230 million in China. For more, read the full Bloomberg report.