Apple Inc. AAPL exported more than $2.5 billion worth of iPhones from India between April and December as the company diversified production amid supply disruptions in China.
What Happened: The total export of the Cupertino-based tech giant in the first nine months of the fiscal year ending March 2023 was almost twice the previous fiscal year's total, reported Bloomberg.
Apple did not immediately respond to Benzinga’s request for comment.
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The report, citing people familiar with the matter, noted that Apple’s suppliers Foxconn Technology Group HNHPF and Wistron Corp. WICOF have each shipped more than $1 billion of their flagship devices abroad in the first nine months of the current fiscal year.
Another major contract manufacturer for the giant, Pegatron Corp. PGTRF, is also on track to export about $500 million of the gadgets by the end of January, the publication's anonymous sources revealed.
Apple’s rapidly growing export numbers underscore how the company is accelerating a shift from Beijing to New Delhi amid growing tensions between President Joe Biden and Xi Jinping's administration and China's COVID-19 disruptions.
Last year, Apple began assembling its latest iPhone models in India.
In November, massive chaos erupted at Foxconn’s China plant after many of its about 200,000 workers fled the production site over tighter COVID-19 curbs to contain the spread of the virus within the facility.
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