India is fast becoming a major manufacturing hub for Apple.
According to Bloomberg, iPhone exports from India exceeded $1 billion in the five months since April. Given the current momentum, iPhone exports from India to Europe and the Middle East are expected to hit $2.5 billion in the 12 months through March 2023. This is almost double the $1.3 billion worth of iPhones that India exported in the year through March 2022.
Apple's strategy to shift iPhone production away from China seems to be working. J.P. Morgan analysts predicted that 25% of all Apple products will be built outside of China by 2025. Foxconn invested $1 billion in India to make iPhones in 2020. Earlier this year, contract manufacturers were reportedly told by Apple to expand production outside of China to India and Southeast Asia.
Source: Bloomberg via MacRumours