Electronic Components Sector MLCC eXchange: April 2026 trade data; automotive applications recovered sharply; total exports close to a record high

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Electronic Components Sector MLCC eXchange: April 2026 trade data; automotive applications recovered sharply; total exports close to a record high

J P M O R G A N Asia Pacific Equity Research

28 May 2026

Electronic Components Sector

MLCC eXchange: April 2026 trade data; automotive

applications recovered sharply; total exports close to a

record high

Japan Customs released April 2026 trade statistics at 09:30 JST on May 28. We Japan Equity Research

believe MLCC export trends by nation and region visible in the data shed some

Technology - Electronic

light on trends by application. In April, both MLCC export volume and value were Components

higher than seasonal trends. Export value reached a record high in yen terms and AC Akinori Kanemoto

approached the 2021 peak in dollar terms. The average selling price continues on

(81-3) 6736 8628

a moderate upward trend. In April, automotive applications drove overall akinori.kanemoto@jpmorgan.com

growth. Export volumes to both Europe and the US grew significantly, resulting Ikki Shibata

in higher export value. In dollar terms, export value to Europe turned positive YoY, (81-3) 6736 8641

but we will monitor whether this becomes a sustained trend. In the US, the ikki.shibata@jpmorgan.com

moderate growth trend continued. For IT applications, Hong Kong, India, and JPMorgan Securities Japan Co., Ltd.

other regions showed strength, but overall trends were in line with seasonality. As

of March, however, exports exceeded the 2025 peak, and the average selling price

continued its upward trend since 2H 2025.

Also, we have summarized below the key takeaways from TDK’s sell-side meeting

held on May 25 and Murata Manufacturing’s sell-side meeting held on May 27.

Our view