Due to India's reduction in mobile phone tariffs, Apple's iPhone prices in India have dropped by as much as 4%
With the Indian government announcing a reduction in import tariffs on mobile phones from 20% to 15%, Apple has lowered the prices of the iPhone series in the Indian market
According to Zhitong Finance, following the Indian government's announcement of reducing the import tariff on mobile phones from 20% to 15%, Apple (AAPL.US) has lowered the prices of the iPhone series in the Indian market, but they are still much higher than prices in the US, China, and other markets. The price of the iPhone SE will be reduced by about 2300 rupees (27.5 US dollars), while the price reduction for the iPhone 13, 14, and 15 series models is 3000 rupees (35.8 US dollars), and the iPhone 15 Pro and Pro Max will see the highest price reduction of 6000 rupees (71.7 US dollars), with a reduction of about 3-4%. This is the first time Apple has lowered the prices of its current generation Pro models in India.
Normally, Apple discontinues the old Pro models after the new generation Pro models are launched. The Economic Times quoted experts as saying that dealers have cleared the inventory of old Pro models through selective discounts, so the prices of Pro models have not been reduced until now.
On July 23, Indian Finance Minister Nirmala Sitharaman presented the 2024 Union Budget of India, reducing the basic tariff on mobile phones from 20% to 15%. After the new budget cuts tariffs, the total tariff will be 16.5% (15% basic tax and 1.5% additional tax). For phones manufactured in India, only an 18% Goods and Services Tax (GST) is levied. According to Indian media reports, imported smartphones sold in India currently have to pay an 18% Goods and Services Tax and a 22% tariff.
At the time of the price reduction, the shipment volume of Apple iPhones in China is also declining due to fierce competition from local competitors such as Huawei and Vivo. Apple ranks sixth with a 14% market share, down 2% from the second quarter of last year. Data from research firm Canalys shows that in the second quarter of 2024, Chinese companies occupied all the top five spots in terms of smartphone shipments in Asian countries.
Furthermore, it is reported that Apple will collaborate with its manufacturing partners to produce the iPhone 16 Pro and iPhone 16 Pro Max in India