Apple Inc’s iPhone exports from India have hit a new high, hitting around $7 billion (₹60,000 crore) in the first seven months of the current fiscal year.

What Happened: Apple’s iPhone exports from India have reached a record-breaking figure, averaging $1 billion (₹8,440 crore) in exports per month, reported Financial Express. This comes after the smartphone production-linked incentive (PLI) scheme launched in 2020, prompting Apple to relocate its manufacturing base to India.

For the first time, not only are the iPhone 14, 15 and 16 models being exported from India, but also the Pro and Pro Max models, which began local production in October this year. These Pro models have a dollar value nearly 1.5 to 2 times higher than other iPhone models.

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The primary destinations for Apple’s exports from India are Europe, West Asia and the US. The US, in particular, has seen a significant increase in smartphone imports from India, primarily iPhones. In FY19, India’s smartphone exports to the US stood at $5.23 million (around ₹44.15 crore) and in FY24, the number reached $5.56 billion (around ₹46,943 crore).

India’s smartphone exports is now the second largest exported product to US behind diamonds.

Apple is reportedly looking to produce 26% of the total iPhone production value in India by 2026. One of the most valuable listed companies in the world also recently started its first research and development subsidiary in India.

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