Day: April 16, 2025

Apple is on course to post its highest-ever quarterly iPhone shipments in India, with early industry estimates indicating over three million units dispatched between January and March 2025, according to a Moneycontrol report citing IDC data. 

This marks a significant rise from 2.21 million iPhones shipped in the same period last year, underscoring the company’s rapid growth in the Indian market. 

According to preliminary figures from market intelligence firm IDC, Apple’s performance in India is being driven by a combination of affordability initiatives — including interest-free monthly instalments, cashback offers, and substantial online retail discounts — which have fuelled double-digit growth in the premium smartphone segment.

The uptick comes despite an overall contraction in India’s smartphone market during the quarter. Early trends suggest a mid-single-digit decline in total industry shipments, as inflationary pressures and cautious consumer sentiment continue to dampen broader demand. 

iPhone 16 series leads demand

The surge in Apple’s volumes has been powered primarily by its latest iPhone 16 series, particularly the iPhone 16e model, which offers a more affordable entry point for buyers. These new models have overtaken the iPhone 15 and iPhone 13 — both of which led sales last year — as the dominant contributors to Apple’s Indian shipments.

Foxconn exports $1.3 billion worth of iPhones in March

Foxconn alone exported $1.31 billion worth of Apple devices in March, equalling its combined shipments for January and February, according to customs data. The March exports included multiple iPhone models — including the iPhone 13, 14, 16, and 16e — taking Foxconn’s total iPhone shipments from India to the United States this year to $5.3 billion. 

Apple’s growth in India

In 2024, India became Apple’s fourth-largest market globally, after the United States, China, and Japan. The country recorded shipments of 12 million iPhones during the year, marking a 35 per cent year-on-year increase.

In the final quarter of 2024, Apple broke into the top five smartphone brands in India by volume for the first time, securing a 10 per cent market share. Industry observers now expect Apple to build on this momentum, with 2025 shipments projected to reach 13–14 million units, reinforcing its leadership in the premium smartphone segment. 

The tech giant reported a 23 per cent rise in net profit to ₹2,745.7 crore in 2024, with revenue surging 36 per cent to ₹67,121.6 crore, driven primarily by strong iPhone sales. 

Apple to expand India footprint

Apple, which already employs over 3,000 people in the country, has announced plans to open four additional retail stores in Bengaluru, Pune, Delhi-NCR, and Mumbai. Hundreds of new job listings have been posted to support this expansion in retail and manufacturing.

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Foreign institutional investors (FIIs) snapped a nine-day selling streak on April 15, Tuesday, to buy domestic equities worth ₹6,065.78 crore, marking the third-largest single-day buying this year (₹11,111.25 crore on March 27; ₹7,470.36 crore on March 21). On the same day (April 15), domestic funds sold stocks worth ₹1,951.6 crore, according to NSE data. 

Till April 11, FIIs had sold stocks worth nearly ₹35,000 crore, while domestic institutions mopped up equities worth ₹27,600 crore that saw most global markets, including India, bear the brunt of Donald Trump-imposed tariffs before their 90-day push back. 

The renewed interest by FIIs in Indian stock markets could be a one-off, said market analysts, who expect more volatility in the flows going ahead. Some buying from the FIIs could be on account of short covering, said an analyst at a domestic brokerage, as foreigners have been on an ‘India’ selling spree since the past few months amid intermittent bouts of buying. “There has been a risk-on trade in the last few days across global markets after US President Donald Trump pushed back the tariff levy by 90 days. As a result, most global markets, including India, have moved up. DIIs, on the other hand, have been nervous on account of US tariffs and market valuations back home, which still remain high,” he said.

Global funds have been net sellers since October 2024, citing high valuations and global growth concerns. China’s stimulus push and tariff threats under US President Donald Trump have also weighed on sentiment toward Indian equities. Since October, global funds have sold Indian equities worth ₹3.47 trillion, data shows. 

The recent stock sell-off reflects global funds shifting to safe-haven assets to protect returns amid rising trade war fears. In the latest development, Trump launched a probe into potential tariffs on critical minerals while also urging China to begin talks to ease the escalating trade tensions as the US now imposes a 245 per cent levy on goods from Beijing.

Even when Trump first introduced his “kind” reciprocal tariff, India was relatively better positioned than its Asian peers, as the impact was expected to be lower. Further, with relatively better macroeconomic fundamentals, growth outlook and with valuation cut from their peak levels, global funds could relook at Indian markets in the long run, analysts had said earlier. 

“Flows have been volatile – both FII and domestic. FII flows are erratic and move in and out very quickly depending on the dollar index’s movement, among other things. The short-term sentiment has changed due to the 90-day pushback of US tariffs, which has seen the global markets rally. This has seen some of the FII money come back into emerging markets (EMs), including India,” explained Gaurav Dua, senior vice-president and head of Capital Markets Strategy, Mirae Asset Sharekhan.

The dollar index, meanwhile, which measures the greenback against six major peers — British Pound, Euro, Japanese Yen, Swedish Krona, Swiss Franc, and Canadian Dollar — slipped below the 100 mark for the first time since July 2023 last week and currently trades at 99.5 levels, the lowest since April 2022. 

The index has slipped 10.6 per cent from its January peak of 110, indicating a weakening US currency, which analysts believe would have prompted FIIs to invest in EMs, including India. “Going ahead, both FII and DII flows will continue to be volatile depending on the developments. In case opportunities crop up elsewhere, FIIs will withdraw money and invest accordingly,” Dua said.

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China now faces up to a 245% tariff on imports to the United States as a result of its retaliatory actions, the White House said in a statement on Tuesday evening. The announcement came as President Donald Trump signed an executive order launching an investigation into the national security risks associated with US reliance on imported critical minerals. 

Trump admin to scrutinise mineral imports

The order directs the Secretary of Commerce to initiate a Section 232 investigation under the Trade Expansion Act of 1962 to evaluate the impact of imports of these materials on America’s security. This Act was previously used by the Trump administration to scrutinise imports of copper, lumber, steel, and aluminium.

While China was not specifically mentioned in the investigation, the country stands as the largest producer of 30 of the 50 minerals considered critical by the US Geological Survey. 

On April 4, in response to Trump’s tariff hikes on Chinese goods, China’s Ministry of Commerce imposed export restrictions on seven rare earth elements (REEs) and magnets critical to the defense, energy, and automotive industries. 

China already faced 245 per cent tariff

China was already facing up to 245 per cent tariff on syringes and needles exported to the US, based on the order passed by the Trump administration on April 12. This category fell under the ‘Pre-2025 tariffs’ (100 per cent levy), ‘Fentanyl’ (20 per cent) and ‘reciprocal’ (125 per cent) tariff categories. Lithium-ion batteries followed, facing up to 175 per cent tariff, squid 170 per cent, wool sweaters 169 per cent, and so on.

‘Ball is in China’s court’: White House on trade talks

During a press briefing on Tuesday, White House Press Secretary Karoline Leavitt quoted the US president as saying that “the ball is in China’s court” on resuming trade dialogue. 

“China needs to make a deal with us, we don’t have to make a deal with them,” Leavitt. 

Responding to the remark, China’s Foreign Ministry Spokesperson Lin Jian on Wednesday criticised the US’s approach as counterproductive. “If the United States truly wants dialogue, it must first stop exerting maximum pressure,” Lin said, adding that constructive talks require mutual respect and equality.

Meanwhile, China’s Defence Ministry issued its own rebuke after reports that the US will significantly raise its defence spending in 2026, according to a report by Reuters today. Defence spokesperson Zhang Xiaogang labelled Washington’s rising military budget a sign of its “bellicose nature” and criticised the reliance on hard power. 

“The sky-high defence budget exposes the US belief in ‘might makes right’,” Zhang said. “Wanton use of force will not make America great again.” 

US-China trade war

Trade hostilities have also escalated sharply in recent days.  Trump announced a new wave of tariff hikes—raising duties on Chinese goods to as much as 145 per cent. In retaliation, Beijing slapped tariffs of up to 125 per cent on US imports.

Trump has allowed a 90-day pause in higher tariffs for 75 countries currently negotiating trade deals with Washington, including India, in a bid to ease tensions with select partners. “At some point, China will realise that the days of ripping off the US and other countries are over,” Trump wrote on social media platform Truth Social on April 9.

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