iPhone Exports From India Hit Record, Bolster Hopes Of China's Asian Rival In US Tech Supply Chain Race - Apple (NASDAQ:AAPL)

This story was first published on the Benzinga India Portal.

In May, exports from India of Apple Inc’s AAPL iPhone hit a record INR 100 billion ($1.2 billion), pushing country’s the total smartphone exports to INR 120 billion ($1.46 billion). This growth in exports has sparked Indian officials’ hopes of attracting more U.S. companies, like Tesla, to move their supply chains to India.

What Happened? In the first two months of this fiscal year (April and May), smartphone exports from India more than doubled to INR 200 billion ($2.44 billion), up from INR 90.66 billion ($1.105 billion) in the same period last year, according to data from the India Cellular and Electronics Association.

iPhones make up 80% of India’s smartphone exports, with the rest coming from Samsung and some local brands, according to a report from the Indian daily The Economic Times.

The record exports between April and May show Apple’s effort to establish India as its second major base for iPhone production, according to experts. In the fiscal year 2023, iPhone exports from India reached $5 billion (INR 40,984 crore), making it the first single brand to achieve this.

See also: Apple Plans To Add At Least 3 More Flagship Stores In India As Part Of Its Retail Expansion Blueprint

As Apple has been moving its supply chains away from China, India is becoming an increasingly significant hub for iPhone production. The company is also considering producing AirPods in India.

During Indian Prime Minister Narendra Modi’s visit to the United States from June 21-24, the Indian delegation plans to use Apple’s success in India as a model to persuade other American companies to move their supply chains to India. The main areas of focus will be semiconductors, electric vehicles, and other important emerging technologies.

The Indian delegation has planned multiple industry engagements, especially with companies in critical emerging technologies and supply chains, officials said.

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Image and article originally from www.benzinga.com. Read the original article here.