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CTV News
13-06-2025
- Business
- CTV News
Foxconn sends 97% of India iPhone exports to U.S. as Apple tackles Trump's tariffs
An Apple iPhone XR is held at the Steve Jobs Theater after an event to announce new products, in Cupertino, Calif. (AP Photo/Marcio Jose Sanchez, File) NEW DELHI — Nearly all the iPhones exported by Foxconn from India went to the United States between March and May, customs data showed, far above the 2024 average of 50 per cent and a clear sign of Apple's efforts to bypass high U.S. tariffs imposed on China. The numbers, being reported by Reuters for the first time, show Apple has realigned its India exports to almost exclusively serve the U.S. market, when previously the devices were more widely distributed to countries including the Netherlands, the Czech Republic and Britain. During March-May, Foxconn exported iPhones worth US$3.2 billion from India, with an average 97 per cent shipped to the United States, compared to a 2024 average of 50.3 per cent, according to commercially available customs data seen by Reuters. India iPhone shipments by Foxconn to the United States in May 2025 were worth nearly US$1 billion, the second-highest ever after the record US$1.3 billion worth of devices shipped in March, the data showed. Apple declined to comment, while Foxconn did not respond to a Reuters request for comment. U.S. President Donald Trump on Wednesday said China will face 55 per cent tariffs after the two countries agreed on a plan, subject to both leaders' approval, to ease levies that had reached triple digits. India is subject, like most U.S trading partners, to a baseline 10 per cent tariff and is trying to negotiate an agreement to avert a 26 per cent 'reciprocal' levy that Trump announced and then paused in April. Apple's increased production in India drew a strong rebuke from Trump in May. 'We are not interested in you building in India, India can take care of themselves, they are doing very well, we want you to build here,' Trump recalled telling CEO Tim Cook. In the first five months of this year, Foxconn has already sent iPhones worth US$4.4 billion to the U.S. from India, compared to US$3.7 billion in the whole of 2024. Apple has been taking steps to speed up production from India to bypass tariffs, which would make phones shipped from China to the U.S. much more expensive. In March, it chartered planes to transport iPhone 13, 14, 16 and 16e models worth roughly US$2 billion to the United States. Apple has also lobbied Indian airport authorities to cut the time needed to clear customs at Chennai airport in the southern state of Tamil Nadu from 30 hours to six hours, Reuters has reported. The airport is a key hub for iPhone exports. 'We expect made-in-India iPhones to account for 25 per cent to 30 per cent of global iPhone shipments in 2025, as compared to 18 per cent in 2024,' said Prachir Singh, senior analyst at Counterpoint Research. Tata Electronics, the other smaller Apple iPhone supplier in India, on average shipped nearly 86 per cent of its iPhone production to the U.S. during March and April, customs data showed. Its May data was not available. The company, part of India's Tata Group, started exporting iPhones only in July 2024, and only 52 per cent of its shipments went to U.S. during 2024, the data showed. Tata declined to comment on the numbers. Indian Prime Minister Narendra Modi has in recent years promoted India as a smartphone manufacturing hub, but high duties on importing mobile phone components compared to many other countries means it is still expensive to produce the devices in India. Apple has historically sold more than 60 million iPhones in the U.S. each year, with roughly 80 per cent made in China. --- Reporting by Aditya Kalra and Munsif Vengattil; Editing by Kate Mayberry and Rachna Uppal.
Irish Times
05-06-2025
- Business
- Irish Times
Irish economy expands by almost 10% as exporters rush to beat tariff deadlines
The Irish economy grew by almost 10 per cent in the first quarter, up from a previous estimate of 3 per cent, as exporters rushed to get merchandise in the US ahead of the imposition of tariffs . Central Statistics Office (CSO) data show the economy, as measured by gross domestic product (GDP), expanded by 9.7 per cent in January, February and March, one of the largest quarterly expansions on record. The agency said the increase was 'driven by significant growth in exports of goods'. Total exports expanded by 9.4 per cent in the first three months or by €18.2 billion with goods exports increasing by 14.8 per cent quarter-on-quarter, or €13.5 billion. The value of goods exports for the period was 44.1 per cent higher than a year earlier. READ MORE [ Welcome (back) to the era of Leprechaun economics Opens in new window ] Since April 5th, goods imported from all countries into the US have been subject to a 10 per cent tariff while US President Donald Trump has put a stay on a possible 50 per cent tariff on all EU imports until next month. Pharma accounts for the lion's share of Irish goods exports to the US and companies in the sector here have been fast-tracking product into the US to avoid incoming tariffs. The CSO's figures show the pharma-dominated i ndustry sector expanded by 17.1 per cent in the first quarter compared with the previous three-month period. By contrast, the domestic economy, as measured by modified domestic demand (MDD), grew by a more modest 0.8 per cent in the first quarter as personal spending on goods and services, a key driver of domestic activity, increased by 0.6 per cent. The information and communication sector, which contains the State's tech industry, posted an increase of 3.8 per cent over the same period. 'Today's GDP estimates for the first quarter of the year show that the Irish economy kicked off 2025 to a racing start,' said Robert Purdue, head of dealing at Ebury (Ireland). 'Irish exports took the lion's share of this growth as many businesses rushed to export goods to the United States before President Trump's tariff sanctions came into effect,' he said. 'While the GDP rebound is an encouraging sign of the resilience of the Irish economy, it also demonstrates its heavy exposure to trade challenges, with exports playing a vital role in the health of the economy,' he said. Separate figures from the CSO put the State's seasonally adjusted unemployment rate in May at 4 per cent, down from a rate of 4.1 per cent.
Mint
04-06-2025
- Business
- Mint
PMI: India's services exports bump may lose steam amid global economic gloom
Business momentum in India's services sector was steady in May. The seasonally adjusted HSBC India Services PMI Business Activity Index rose to 58.8 last month from 58.7 in April. A reading above 50 indicates expansion. The key highlight of the survey was the solid growth in exports of services. The New Exports Orders sub-index rose to 57.6 in May from 55.4 in April. Survey participants reported one of the strongest improvements in international demand in 19-and-a-half years of data collection. Also Read | India services activity hits three-month high in May on strong export growth; employment rises by record For manufacturers as well, new export orders rose in May at one of the strongest rates recorded in three years. Panel members remarked on favourable demand from Asia, Europe, the Middle East and the US. But here's a catch. 'In H1 2025, Asian economies have been whipsawed by Trump tariffs; growth and inflation have moderated, even as export frontloading has provided some offset," Nomura Global Markets Research said in a report dated 2 June. According to Nomura, disinflationary forces are likely to permeate across Asia, and, unlike past export downturns, this is likely to be compounded by Asian currency strength against the US dollar. Thus, Asian central banks will likely continue to decouple from the US Federal Reserve and deliver more policy easing. In its meeting this week, the Reserve Bank of India is widely expected to cut repo rates by another 25 basis points (bps) to 5.75%. So far, the central bank has cut rates by 50 bps to boost growth amid easing inflation. Relatively immune The Indian economy is more domestically driven, with consumption seen as the mainstay for growth. This makes India relatively immune to global trade shocks than Asian peers, but the problem is that consumption demand, especially urban, has been languishing lately. Companies are struggling with subdued revenue and profit growth, household incomes are muted and latest high-frequency data such as automobile sales is uninspiring. Also Read | India's exports face geopolitical woes but trade deals offer relief: RBI report Meanwhile, business confidence of Indian service providers measured via the Future Output Index recovered to 60.4 in May from April's 23-month low of 59.7. Expanded workforces, larger client bases and ongoing marketing initiatives make service providers hopeful. According to Gaura Sengupta, economist at IDFC First Bank, India's services export growth outperformed merchandise export growth in FY25 also, growing in double-digits. While this outperformance is likely to continue in FY26, she said some moderation in services export growth is likely with the US economy expected to slow down. That said, the manufacturing sector will be impacted more by the tariff tensions and the global growth slowdown. Also Read | Services boost India's exports to an all-time high of $824.9 billion in FY25
Reuters
30-05-2025
- Business
- Reuters
Canada's first quarter GDP expands by 2.2% annualized rate beating estimates
OTTAWA, May 30 (Reuters) - Canada's economy in the first quarter grew faster than expected, data showed on Friday, primarily driven by exports as companies in the United States rushed to stockpile before tariffs by President Donald Trump. But an increase in imports that led to inventory build-up, lower household spending and weaker final domestic demand indicate that the economy was battling on the domestic front. Economists have warned that as tariffs continue on Canada, this trend will persist. The gross domestic product in the first quarter grew by 2.2% on an annualized basis as compared with the downwardly revised 2.1% growth posted in the previous quarter, Statistics Canada said. This is the final economic indicator before the Bank of Canada's rates decision on Wednesday and will help determine whether the central bank will cut or stay pat on rates. Currency swap markets were expecting around 75% chance the bank would hold its rates at the current level of 2.75%, before the GDP data was released. Trump's repeated threats and flip-flops on tariffs since the beginning of the year led to an increase in exports and imports to and from the U.S. Trump imposed tariffs on Canada in March, first on a slew of products and later specifically on steel and aluminum. The GDP grew by 0.1% in March after a contraction of 0.2% in February. The economy is likely expected to expand by 0.1% in April, the statistics agency said referring to a flash estimate. The March growth was primarily driven by a rebound in the mining, quarrying, and oil and gas extraction and construction sectors. Analysts polled by Reuters had expected the first quarter GDP to expand by 1.7% and by 0.1% in March. The quarterly GDP figure is calculated based on income and expenditure while the monthly GDP is derived from industrial output. The tariffs and the uncertainty around them started showing early signs of impact as the final domestic demand, which represents total final consumption expenditures and investment in fixed capital, did not increase for the first time since the end of 2023, Statscan said. Growth in household spending also slowed to 0.3% in the first quarter, after rising 1.2% in the prior quarter. The first quarter growth was led by a rise in exports, which jumped by 1.6% after increasing by 1.7% in the fourth quarter of 2024. Business investment in machinery and equipments also increased by 5.3% which pushed the quarterly GDP higher.
Egypt Today
30-05-2025
- Business
- Egypt Today
Egypt, Uzbekistan discuss agricultural cooperation
Agricultural land CAIRO – 29 May 2025: Minister of Agriculture and Land Reclamation Alaa Farouk discussed with a high-level delegation from the Republic of Uzbekistan under the Director of the Cabinet Secretariat for Investments, Exports, Trade, Agriculture, and Water Management ways to enhance joint cooperation between the two countries in various fields of the agricultural sector. The meeting comes within the framework of presidential directives to strengthen cooperation with Uzbekistan and to follow up on the technical aspects of implementing the outcomes of joint committees. During the meeting, both sides reviewed the agricultural capabilities available in Egypt and Uzbekistan and explored opportunities to develop partnerships in agricultural and livestock production, exchange of expertise and technical knowledge, and enhancement of trade exchange in agricultural products. Farouk emphasized the deep historical ties between Egypt and Uzbekistan across various fields and at all levels. He also highlighted the political leadership's keenness to develop these relations, including in the vital agricultural sector. The Minister of Agriculture expressed his ministry's readiness to provide all forms of support and expertise to ensure the success of joint cooperation in achieving food security and agricultural development in both countries. He also referred to his recent meeting with Mansurbek Kilichev, Uzbekistan's Ambassador to Egypt, during which the importance of strengthening cooperation in various agricultural fields was discussed. The minister explained that in recent years, under the leadership of President Abdel Fattah El Sisi, Egypt has witnessed significant development and a genuine renaissance in all fields, including the agricultural sector, which now receives considerable attention from the political leadership. He noted that Egypt has taken many steps to improve the investment climate and simplify procedures to encourage investors. He added that the agricultural sector in Egypt holds great investment potential and offers many opportunities that can be included in areas of joint cooperation. The Minister of Agriculture directed the External Agricultural Relations Department to organize intensive field visits for the Uzbek delegation to various agricultural projects and entities in Egypt, including research centers, institutes, laboratories, and model farms producing various crops. These visits aim to post the delegation on important experiences that could benefit the exchange and transfer of expertise. For their part, the Uzbek delegation stressed their country's political leadership's commitment to strengthening joint cooperation in various areas, especially agriculture and food security, and to intensifying efforts to enhance agricultural relations between the two countries. They expressed interest in boosting cooperation with Egypt in the agricultural field and benefiting from Egypt's distinguished expertise in the sector. They stressed the importance of exchanging visits and experiences between specialists on both sides to advance the prospects of cooperation. They also discussed ways to increase trade in crops and agricultural products, especially since the trade balance between the two countries reached around $55 million in 2024. (
