Apple’s iPhone exports from India soar to $2 billion in the first two months of FY25.
Apple Inc. has significantly boosted its iPhone exports from India, achieving over $2 billion in the initial two months of FY25, representing 81 percent of the country’s total iPhone production worth $2.6 billion. In both April and May, the tech giant surpassed $1 billion in iPhone exports each month.
The company’s commitment under the production-linked incentive (PLI) scheme for its three major vendors is to reach $10.2 billion in production value, including exports, for FY25. Remarkably, 25 percent of this target has already been met within the first two months. Foxconn Hon Hai, Apple’s leading vendor, contributed 65 percent of these exports, followed by Wistron with 24 percent, and Pegatron with 11 percent.
In FY24, Apple produced iPhones valued at $14 billion in free-on-board (FOB) terms, with an estimated market value of $22 billion. The company exported $10 billion worth of iPhones, making up 70 percent of the year’s production FOB value. This export surge has also driven India’s mobile phone exports to $15.5 billion in FY24, a 40 percent increase from $11.1 billion in FY23.
Apple’s expanding operations have elevated India’s electronics exports from $23.6 billion in FY23 to $29.1 billion in FY24, marking a 23 percent increase. iPhone exports alone constituted 35 percent of the total electronics exports and 65 percent of mobile phone exports. Apple’s consistent monthly exports of over $1 billion during off-peak periods underscore its growing influence in India’s manufacturing landscape.
