iPhone exports in FY23 increase by 4 times to reach $5 billion

In FY23, Apple's iPhone exports from India increased by over four times year over year to reach $5 billion (more than Rs 40,000 crore), as the Cupertino-based company's suppliers increased local production of its high-end devices in line with a rising push to establish the nation as a manufacturing powerhouse.

Experts claim that the Apple iPhone became the first brand to surpass $5 billion in exports from India, demonstrating how quickly the business has expanded its manufacturing facilities here over the past several years.

According to trade and industry data, supported by Apple, India's total smartphone exports also surpassed $10 billion for the first time in a fiscal year in FY23, with Samsung accounting for roughly $3.5–4 billion. According to business professionals, India is now selling smartphones to markets like the UK, Italy, France, the Middle East, Japan, Germany, and Russia.

Apple has increased its investment in India as a manufacturing base, not just for exports but also for the domestic market, where there is an increase in demand for high-end gadgets.

Compared to less than 1% in 2020, India today produces 5% of all iPhones. India comes in second place behind China as the world's largest producer of iPhones.

On April 18 and April 20, respectively, the Cupertino-based company is expected to establish its first two company-owned retail locations in India in Mumbai and Delhi. In 2020, the business launched its online store, as reported by ET.