Electronic Components Sector: MLCC eXchange: June 2026 trade data; will this be a summer of price hikes?

研报英文原文证据摘录

Electronic Components Sector: MLCC eXchange: June 2026 trade data; will this be a summer of price hikes?

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

30 July 2026

Electronic Components Sector

MLCC eXchange: June 2026 trade data; will this be a

summer of price hikes?

Japan Customs released the June 2026 trade statistics at 09:30 JST on July 30. 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 June, MLCC export volume followed seasonal Components

patterns, while export value slightly exceeded seasonal trends. The trend line AC Akinori Kanemoto

shows that export value continued to grow on a yen basis, as well as at a moderate

(81-3) 6736 8628

pace on a US dollar basis, with double-digit YoY growth sustained on a 3MMA akinori.kanemoto@jpmorgan.com

basis. Average selling price (in US dollars) also continues on a moderate Ikki Shibata

uptrend. For automotive applications, export value to the US (in US dollars) is (81-3) 6736 8641

showing a moderate upward trend, while export value to Europe are exhibiting a ikki.shibata@jpmorgan.com

slight downward trend, resulting in regional differences. Overall, the trend is JPMorgan Securities Japan Co., Ltd.

shifting from flat to moderate growth. For IT applications, the overall uptrend

continues. By region, export value to Taiwan declined MoM in June, but the overall

upward trend remains intact. Our top pick among MLCC names is Murata Mfg.

Our view

• We have not changed our longer-term view on MLCC industry fundamentals,

but the share prices of Japanese MLCC manufacturers (Murata Mfg, Taiyo

Yuden, TDK) underwent a significant correction after peaking in mid-

June.