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Apple iPhone exports from India top $1 billion in 5 months - Bloomberg News

Stock Markets Oct 04, 2022 04:05AM ET
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© Reuters. FILE PHOTO: The Apple iPhone 14 is seen at the Apple Fifth Avenue store in Manhattan, New York City, U.S., September 16, 2022. REUTERS/Andrew Kelly
 
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(Reuters) -Apple Inc's iPhone exports from India crossed $1 billion in five months since April, Bloomberg News reported on Tuesday, reflecting the tech giant's growing bet on the South Asian nation amid New Delhi's push for local manufacturing.

The 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, almost double when compared to the year through March 2022, the report said, citing sources.

Apple (NASDAQ:AAPL) started making the iPhone 13 in India earlier this year, and the company announced last week its plans to manufacture the latest iPhone 14. The tech giant has been manufacturing iPhones in India from 2017.

The devices exported from India from April to August this year comprise iPhone 11, 12 and 13 models, Bloomberg said.

The report comes as Apple seeks to shift some areas of iPhone production from China to other markets including India, the second biggest smartphone market in the world, where it is also planning to assemble iPad tablets.

India and countries such as Mexico and Vietnam are increasingly turning important to contract manufacturers supplying to American brands as they seek to diversify production away from China, amid COVID-related lockdowns and simmering tensions between Washington and Beijing.

Apple did not immediately respond to Reuters's request for comment.

Apple iPhone exports from India top $1 billion in 5 months - Bloomberg News
 

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