The remarkable surge in smartphone exports from India can be attributed solely to the unparalleled popularity of the iPhone, according to assertions made by Indian authorities.
Previously, Apple had primarily manufactured iPhones within the confines of India to cater to the domestic market.
However, the tides have shifted as Apple relocates its iPhone production away from China and redirect it to India, focusing on manufacturing units for foreign markets.
As per the most recent update, Apple has already transferred a notable 7% of its overall iPhone manufacturing operations to India.
The local publication Business Standard has now unveiled a significant alteration in the country’s export statistics as a consequence of this shift.
The latest data for the Indian fiscal year 2023 showcases smartphones ascending to the top echelons of the most exported commodities.
These rankings are determined by assessing the export value using a standardized system of codes referred to as the harmonized system.
Presently, smartphones occupy the fifth spot in the rankings, trailing behind diesel fuel, diamonds, aviation fuel, and gasoline.
This remarkable rise to the top five follows smartphones’ previous placement at a modest ninth position during the fiscal year 2022.
During the last fiscal year, the entirety of the smartphone export market contributed a reported $5.4 billion to India’s economy. In the current fiscal year, the figure has skyrocketed to an astounding $10.9 billion.
Apple’s iPhones have claimed approximately half of this colossal $10.9 billion sum, indicating that the growth has been primarily fueled by the iPhone’s overwhelming success.
Although the publication report refrains from delving into detailed breakdowns, if Apple can be attributed to the $5.5 billion surge, it signifies a nearly twofold increase compared to industry analysts’ predictions.