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Foreign smartphone sales in China drop 12.7% in August, data show

Economic Times

Economic Times · 10m ago

Foreign smartphone sales in China drop 12.7% in August, data show

Sales of foreign-branded smartphones, including Apple's iPhone, in China declined by 12.7% YoY in August. Data from the China Academy of Information and Communications Technology (CAICT) revealed that 1.87 million foreign-branded phones were sold during the month, down from 2.142 million in the previous year. However, the overall phone sales in China saw a growth of 26.7% YoY, reaching 24.05 million handsets in August.

Related News

Foreign smartphone shipments in China slump 47% in November

Economic Times

Economic Times · 7m ago

Foreign smartphone shipments in China slump 47% in November

In November, foreign-branded smartphone shipments in China, including Apple's iPhone, plummeted by 47.4% compared to the previous year, as reported by the China Academy of Information and Communications Technology. The shipments decreased to 3.04 million units from 5.769 million units previously. Overall, phone shipments within China experienced a 5.1% decline year-on-year, totaling 29.61 million handsets. This reflects a significant drop in foreign smartphone demand amid broader market challenges.

Apple's iPhone shipments in China surge 40% in May amid aggressive discounting

Economic Times

Economic Times · 1y ago

Apple's iPhone shipments in China surge 40% in May amid aggressive discounting

Apple experienced a 40% increase in smartphone shipments in China in May, continuing the rebound seen in April, according to data from the China Academy of Information and Communications Technology (CAICT). Although not explicitly mentioned, Apple is the dominant foreign phone maker in China's market, suggesting the increase can be attributed to the company's performance. This follows a weak start to the year for Apple in China's smartphone market, but the company has seen growth in the past two months. Overall phone sales in China increased by 16.5% in May.

Apple's iPhone sales in China plunge 24% as Huawei's popularity surges

Economic Times

Economic Times · 1y ago

Apple's iPhone sales in China plunge 24% as Huawei's popularity surges

Sales of Apple's iPhones in China declined by 24% in the first six weeks of 2024, while its competitor Huawei experienced a 64% increase in unit sales, according to research firm Counterpoint. This drop in sales could raise concerns about Apple's future demand, as the company's revenue forecast for the current quarter fell $6 billion below Wall Street expectations. Apple's market share in China also declined to 15.7%, placing them in fourth place. While overall smartphone sales in China shrank by 7%, Huawei's market share expanded to 16.5%.

Apple secures “Global Smartphone Seller” title despite headwinds in China

Livemint

Livemint · 1y ago

Apple secures “Global Smartphone Seller” title despite headwinds in China

Apple's iPhone series became the best-selling smartphone in China in 2023, as per data from market tracker IDC. Despite facing tough competition from local rivals and increased government restrictions on foreign technology, the iPhone secured the top position in shipments for both the fourth quarter and the entire year. Apple's success can be attributed to its ability to decline less than its competitors during the period, thanks to timely discounts and promotions. However, sustaining demand in China may be a challenge for Apple due to further weakening iPhone sales and government restrictions.

Xiaomi surpasses Apple in global smartphone sales for August 2024

Livemint

Livemint · 10m ago

Xiaomi surpasses Apple in global smartphone sales for August 2024

Chinese smartphone manufacturer Xiaomi has surpassed Apple in global smartphone sales for August 2024, marking the first time Xiaomi has held the second spot since August 2021. Counterpoint Research's Smartphone 360 Monthly Tracker highlighted Xiaomi as one of the fastest-growing smartphone brands this year, driven by successful promotions in Latin America. Xiaomi's focus on simplifying its product lineup and its expansion into new territories have contributed to its recent success. Meanwhile, Apple saw a decline in sales, which resulted in its fall to third place.

Apple has lost its crown as China's best-selling smartphone maker: report

Business Insider

Business Insider · 1y ago

Apple has lost its crown as China's best-selling smartphone maker: report

Apple's iPhone sales have declined by 24% in the first six weeks of 2024, causing it to lose its position as the top-selling smartphone in China, according to a report by Counterpoint Research. Vivo now holds the leading position in the Chinese market, followed by Huawei, Honor, and Apple. The overall smartphone sales in China have also seen a 7% decrease. This decline in sales adds to Apple's challenges in the region, including increased competition and a shift towards supporting local manufacturers.

India's forex reserves down by $9.32 billion to $688.87 billion as of August 1

Economic Times

Economic Times · 1d ago

India's forex reserves down by $9.32 billion to $688.87 billion as of August 1

India's foreign exchange reserves declined by $9.32 billion to $688.87 billion as of August 1, 2023, according to the Reserve Bank of India. The drop includes a $7.31 billion decrease in foreign currency assets, a $1.7 billion reduction in gold holdings, a $237 million cut in Special Drawing Rights (SDRs), and a $120 million decline in India's reserve position with the International Monetary Fund (IMF).

From Apple to Starbucks, Western firms’ China dreams are dying

Livemint

Livemint · 8m ago

From Apple to Starbucks, Western firms’ China dreams are dying

Foreign companies in China are increasingly facing challenges and struggling to maintain their business operations. The Council for the Promotion of International Trade claims that 90% of foreign firms rate their experience in China as satisfactory or better, but many executives express concerns about investing in the country and are considering downsizing their operations. Sales of listed American and European companies in China have declined, and companies like General Motors, Apple, Volkswagen, and Starbucks are witnessing shrinking sales and tough competition from Chinese rivals. Economic stagnation, oversupply, technological advancements by Chinese companies, and geopolitical tensions are some of the factors contributing to the difficulties faced by Western companies in China.

Shanghai to allow faster data transfer from China for foreign firms-sources

Reuters · 1y ago

Shanghai to allow faster data transfer from China for foreign firms-sources

Shanghai is planning to expedite the approval process for foreign companies wishing to transfer their local data offshore, signalling a significant relaxation of China's strict data regulations. The move comes as China looks to attract foreign investors amidst economic challenges. Shanghai intends to leverage its free trade zones to allow data transfers, separate from the existing cross-border data transfer approval system enforced by the Cyberspace Administration of China. The initiative is expected to be implemented this year, and foreign financial firms and western automakers are likely to be included in the plan.

Micron needs a new memory boost

Livemint

Livemint · 10m ago

Micron needs a new memory boost

Micron Technology's stock price has recently plummeted by 41%, far exceeding the decline experienced by other chip stocks. The drop can be attributed to concerns about inventory build-up and weaker sales in the PC and smartphone markets. Although Micron's fiscal Q4 report is expected to show strong revenue growth, analysts anticipate a slowdown in DRAM pricing in the coming quarters. Despite this, Wall Street remains optimistic about Micron's future, with the majority of analysts rating the stock as a buy. The company projects that the weakened DRAM pricing trend will reverse within 3-6 months.

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