Apple has set a new milestone, with iPhone exports from India reaching nearly Rs 60,000 crore in the first seven months of FY25.
From April to October 2024, the company exported iPhones worth over Rs 60,000 crore (more than $7 billion), averaging around Rs 8,450 crore (nearly $1 billion) in monthly exports, as per industry reports.
This surge in iPhone exports from India is fueled by the global demand for the newly launched iPhone 16 models, along with the continued popularity of models from the iPhone 14 and 15 series. The growth in exports highlights Apple’s increasing reliance on India as a key manufacturing hub.
Last fiscal year (FY24), Apple’s iPhone exports from India surpassed $10 billion, and with five months still to go in FY25, the company is on track to exceed that figure.
By the end of October, Apple had already achieved 70% of its export target from the previous year.
This success stems from a combination of factors, including the Indian government’s strong ‘Make in India’ initiative and its Production-Linked Incentive (PLI) schemes, which have significantly boosted local manufacturing.
In FY24, Apple assembled iPhones worth $14 billion in India, exporting over $10 billion in devices, a sharp increase from $6.27 billion in exports in FY23.
The total value of Apple’s operations in India last year reached an impressive $23.5 billion, underscoring the company’s growing footprint in the country.
Excited By India’s Enthusiasm, Says Tim Cook On Apple iPhone’s Record Revenue
In the July-September 2024 quarter, Apple achieved its highest-ever quarterly revenue from India, with CEO Tim Cook expressing his excitement about the continued growth.
Cook stated, “We continue to be excited by the enthusiasm we’re seeing in India, where we set an all-time revenue record. This has been an extraordinary year of innovation at Apple.”
Additionally, the company operates two flagship stores in New Delhi (Saket) and Mumbai (BKC).
“We can’t wait to bring four new stores to customers in India,” the Apple CEO announced.
Apple achieved its highest-ever quarterly shipment in India, reaching 4 million units in Q3 2024, as reported by IDC.
The tech giant also secured the position of the second-largest brand in the online market, with the iPhone 15 and iPhone 13 leading the sales.
Also Read: India Sees Surge In High-Income Taxpayers; 9.39 Lakh Declare Over Rs 50 Lakh Income
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