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April 14 - Apple (NASDAQ:AAPL) increased iPhone manufacturing in India by 60% to $22 billion in the 12 months through March, according to a report from Bloomberg.
Roughly one-fifth of the company's global iPhone output now comes from India. The figures reflect factory gate value, what Apple pays its manufacturing partners, not retail pricing, the report said.
The bulk of the production is handled by Foxconn Technology (FXCOF) at its southern India facility, while Tata Group has also expanded its role as a key assembler, Bloomberg noted.
Sources told Bloomberg that Apple sharply ramped up shipments from India following U.S. President Donald Trump's February pledge to impose "reciprocal" tariffs. Exports accelerated throughout the company's latest fiscal year.
Shares of Apple were up 4.5% in pre-market trading on Monday.
This article first appeared on GuruFocus.