Apple boosts India's smartphone exports, doubling the quantities.

The entry of Apple and other chain enterprises has brought unprecedented prosperity to the Indian electronics industry. According to local media reports on Tuesday, smartphones have become one of India's top five export commodities, and the smartphone export volume in the 23 fiscal year has exceeded the full year data of the 22 fiscal year. This is mainly due to Apple, which currently produces about 7% of Apple in India and is gradually expanding production. Currently, smartphones rank fifth in India's export commodities, behind diesel, diamonds, aviation fuel, and gasoline. The smart phone export volume for this fiscal year is US$10.9 billion, of which about half are Apple. In the 2022 fiscal year, smartphones are only ranked ninth, with an annual export volume of US$5.4 billion. According to Apple's original plan, Apple made in India was only used to supply the domestic market, but since October last year, Apple has continued to increase investment in India and has also used Apple made in India to supply other markets. In March, market research firm Counterpoint released a report stating that if calculated by revenue, Apple's contribution to India's smartphone exports is as high as 30%. However, from the current data, Apple's value to "Made in India" is much greater. In February, Apple CEO Cook said, "I am very optimistic about India, and Apple is investing a lot of energy in India." In addition to supporting Apple's supply chain, India's vast smartphone market also provides objective incremental sales for Apple. In the first quarter of this year, Apple's first-quarter revenue was US$94.84 billion, higher than the expected US$92.6 billion, of which "Apple's fists" revenue was US$51.33 billion, higher than expected and an increase year-on-year. Cook explained during the earnings call that the unexpected revenue of Apple was mainly due to the Indian market. In a conversation with analysts, Cook said, "Many people in India are entering the middle class, and I hope we can convince some of them to buy Apple." He later added in an interview with CNBC: "In India, the indicators of switchers (those who switch from Android to Apple) and first-time buyers look very good."