11:47 AM EDT, 10/29/2024 (MT Newswires) -- Apple's ( AAPL ) shipments of iPhones produced in India have risen significantly over the past six months, climbing by roughly $6 billion as measured by value, according to a Bloomberg report on Tuesday, citing people familiar with the matter.

The increase of roughly one-third compared with year-ago levels reflects Apple's ( AAPL ) goal of reducing its dependence on China amid rising tensions between Washington and Beijing while also taking advantage of local subsidies, a skilled workforce and improving technological capabilities in India, the sources told Bloomberg.

The local unit of contract manufacturer Foxconn based near Chennai accounts for about half of India's iPhone exports, with the other half being split between Pegatron and Tata Electronics, the people reportedly said.

Apple ( AAPL ) did not immediately respond to a message from MT Newswires on Tuesday seeking comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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