Apple exports $6B of India-made iPhones, advancing push beyond China – report

Apple (NASDAQ:AAPL) exported about $6B worth of India-made iPhones in the six months through September, advancing its push to diversify beyond China, Bloomberg News reported.

The exports grew nearly three times in value terms compared to the same period a year ago, the report added, citing people with knowledge of the matter.

Going by the current numbers, annual exports would be on track to exceed nearly $10B for fiscal 2024, the report noted.

The dollar figure refers to the phone’s estimated value as they leave the factory, rather than the retail price, according to the report.

In April, it was reported that Apple doubled its production of iPhones in India, assembling about $14B worth of phones last fiscal year.

The numbers indicate the tech giant is advancing efforts to reduce its dependence on China amid rising geopolitical tensions.

Foxconn Technology (OTCPK:FXCOF) — which is formally known as Hon Hai Precision (OTCPK:HNHAF) (OTCPK:HNHPF) — is the top assembler in India and accounts for half of the nation’s iPhone exports. Pegatron Corp., and local company Tata Electronics also assemble iPhones in the Asian country.

Tata Group’s electronics manufacturing unit exported around $1.7B worth of iPhones from its facility in the Indian state of Karnataka from April to September.

The iPhones form the majority of India’s smartphone exports and helped the product category become the top export to the U.S. at $2.88B in the five months from April to August, the report added, citing data from India’s trade ministry.