“Boosted by the red-hot iPhone 5, exports of Apple (AAPL) products will give the Chinese economy a monster lift in the fourth quarter, according to Barclays,” John Melloy reports for CNBC. “‘We estimate that as much as one-third of Chinese export growth in 4Q12 will be Apple-related,’ said Jon Windham, an analyst for the firm, in a note Monday.
“The new iPhone 5, along with the iPad, iPod and Mac lines, are assembled in China, using many materials from the region as well,” Melloy reports. “The company sold 2 million iPhone 5s in the first 24 hours the device went on sale.”
Melloy reports, “China still exports many more things than Apple products — everything from socks to steel. In fact, on an overall basis, Apple products will account for just four percent of total China exports in the last quarter of this year, according to Barclays. Still, it seems like the country is turning to Apple to drive that second derivative: growth.”
Read more in the full article here.
Apple will “only” account for 4% of China’s exports? That is a crazy large number.
Apple will have the leverage to get a seat on the ruling Standing Committee soon! They have already demonstrated great empire-growing top-down leadership skills.
Which will encourage and generate huge consumer support in China
What about Brazil? is that Foxconn factory open yet? Are they making iPhones or iPads?
What a shame that Apple is forced to support the morals-free zone that is the PRC. Will high-end manufacturing ever return to the West? (PS, this is not an invitation for Obama vs Romney debate please).