Electronic Components Sector: MLCC eXchange: May 2026 trade data; May results in line with seasonal patterns; IT applications driven by Taiwan, while automotive applications fell MoM

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Electronic Components Sector: MLCC eXchange: May 2026 trade data; May results in line with seasonal patterns; IT applications driven by Taiwan, while automotive applications fell MoM

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

29 June 2026

Electronic Components Sector

MLCC eXchange: May 2026 trade data; May results in

line with seasonal patterns; IT applications driven by

Taiwan, while automotive applications fell MoM

Japan Customs released May 2026 trade statistics at 09:30 JST on June 26. 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 May, both MLCC export volume and value fell Components

in line with seasonal trends due to a pullback from strong April figures and the AC Akinori Kanemoto

impact of the Golden Week holidays. However, in terms of the trend line, export

(81-3) 6736 8628

value in May continued to grow on a yen basis, continued to grow at a moderate akinori.kanemoto@jpmorgan.com

pace on a US dollar basis, and continued to grow by double digits (%) YoY on a Ikki Shibata

3MMA basis. The average selling price declined slightly MoM, but the gentle (81-3) 6736 8641

uptrend held. The rapid recovery in automotive applications in March-April did ikki.shibata@jpmorgan.com

not continue into May, and there was a significant decline in the European and US JPMorgan Securities Japan Co., Ltd.

markets. On the other hand, IT applications remained firm, mainly for Taiwan.

Exports to Taiwan (dollar basis) continue to rise, and we expect this to be a driving

force going forward.

Our view

• We maintain a bullish stance on Murata Manufacturing and Taiyo Yuden as our

top picks among MLCC stocks. Of the two, we prefer Murata Manufacturing,