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Apple Inc’s (NASDAQ:AAPL) annual sales in India hit a record of almost $8 billion, with iPhones accounting for more than half of the sales, Bloomberg News reported on Monday, citing a person familiar with the matter.
The India revenue jumped about 33% in the 12 months through March from $6 billion a year earlier, the report said.
The tech giant (AAPL) has been trying to increase its customer base in India as part of its efforts to move manufacturing away from China and diversify its revenue sources and global supply chain amid heightened trade tensions with the U.S.
Bloomberg previously reported that Apple (AAPL) had doubled its production of iPhones in India, assembling about $14 billion worth of phones last fiscal year, a sign that the company is accelerating its push to diversify beyond China.
The Cupertino, Calif.-based company makes nearly 14% or about 1 in 7 of its iPhones in India, the report added.
However, even as India accounts for one of Apple’s fastest-growing markets, the South Asian nation accounts for only about 2% of its latest fiscal-year sales of $383 billion, the report said.