iPhone FY23 exports jump 4x to over $5 billion

Apple’s iPhone exports from India increased nearly four times year-on-year, crossing $5 billion (more than Rs 40,000 crore) in FY23 as suppliers of the company ramped up local production of its premium devices, according to trade and industry data.

Amid a growing focus on making the country a manufacturing hub, Apple has also become the first company to cross the $5-billion mark regarding exports from India.

Backed by Apple, India’s overall smartphone exports also crossed $10 billion for the first time in a financial year, with Samsung accounting for around $3.5- 4 billion in FY23, according to trade and industry data. India is reportedly also exporting smartphones to developed markets, including the UK, Italy, France, Middle East, Japan, Germany and Russia.

Around $9 billion worth of smartphones were exported from India between April 2022 and February this year, and iPhones accounted for more than 50 percent of that, according to the India Cellular and Electronics Association.

India now accounts for 5 percent of total iPhone production, up from less than 1 percent in 2020 and Apple is scheduled to open its first two company-owned retail stores in India on April 18 and April 20 in Mumbai and Delhi, respectively.

Apple CEO Tim Cook is expected to visit India to supervise the opening of the company’s maiden retail store in Mumbai.

In recent quarters, Apple executives have mentioned several times that they are witnessing record revenue growth in terms of iPhone sales in India, registering a strong double-digit increase every quarter.

Apple chief executive officer Tim Cook stated during the company’s earnings conference call in February 2023 that India is a “hugely exciting market” for the Cupertino tech giant, and the iPhone maker is putting a lot of emphasis on the world’s second-largest mobile phone market. Moneycontrol