iPhone exports from India hit US$ 2 billion in April-May, shows data

Apple Inc. has accelerated its iPhone exports from India, achieving over US$ 2 billion in the first two months of FY25, which accounts for 81% of the country’s total iPhone production valued at US$ 2.6 billion. In April and May, Apple exceeded US$ 1 billion in monthly exports. Although an Apple spokesperson declined to comment, the company’s vendors have committed to a production value of US$ 10.2 billion under the production-linked incentive (PLI) scheme for FY25, reaching 25% of this target within two months. Foxconn Hon Hai, Apple’s leading vendor, contributed 65% of these exports, followed by Wistron with 24% and Pegatron with 11%. These vendors are in the fourth year of the five-year PLI scheme. In FY24, Apple produced iPhones worth US$ 14 billion in free-on-board (FOB) value in India, with an estimated market value of US$ 22 billion, and exported US$ 10 billion worth of iPhones, accounting for 70% of the year’s FOB production value.

The surge in iPhone exports has boosted India’s mobile phone exports to US$ 15.5 billion in FY24, marking a nearly 40% increase from US$ 11.1 billion in FY23. Electronics exports, led by mobile phones, rose from sixth place in FY23 with a value of US$ 23.6 billion to fifth in FY24, reaching US$ 29.1 billion, a 23% increase. In FY24, iPhone exports comprised 35% of India’s total electronics exports and 65% of its mobile phone exports. Apple has steadily expanded its production and exports from India over the past three years, consistently surpassing US$ 1 billion in monthly exports during April and May non-peak periods. Typically, Apple’s production for Indian sales peaks ahead of the festive season between July and October, with new iPhone models launched in September. Exports peaked from October to December as Indian factories prepare to supply iPhones for Western markets during Black Friday, Thanksgiving, and the Christmas and New Year holidays.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.