Establishing a firm footing in India and improving its score card, Apple exported iPhones worth $1 billion in the first five months (April-August) of the ongoing fiscal. As first reported by FE, in FY22, Apple had exported $1.3 billion of iPhones at an average of $108 million per month.
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In the first five months of this fiscal, the average is nearly double of last year at $200 million per month. At this rate, Apple is likely to close FY23 at exports worth around $2.5 billion or even higher. This is because the $1 billion exports does not include iPhone 14 exports, since production of the made-in-India iPhone 14 began only at the end of September. Once it joins the list of exports from India, the average exports will rise further.
Most of the increase in the first five months of the current fiscal is from Apple’s contract manufacturers Foxconn and Wistron. Another contract manufacturer, Pegatron is contributing to exports of iPhone 12. FE
