Electronic parts: Data update

研报英文原文证据摘录

Electronic parts: Data update

Global Markets Research

30 July 2026Electronic parts: Data update

EQUITY: JAPAN ELECTRONIC PARTS

Research Analysts

June 2026: MLCC exports up 31.5% y-y Japan electronic parts

Manabu Akizuki - NSC

Temporary disruption to Greater China market from Taiwanese and manabu.akizuki@nomura.com

South Korean companies' price hikes +81 3 6703 1185

MLCC exports up 31.5%: Japanese manufacturers seeing increased orders from

trading companies and OEMs in greater China

Trade statistics for June 2026 show that yen-denominated MLCC exports rose 31.5% y-y

(Figure 1). The June trade stats showed an 85.4% rise in exports to Hong Kong, a much

steeper increase than for other key destinations. In our view, this is fresh evidence that

recent growth in demand is due in large part to stockpiling by trading companies. This

trend has been ongoing since April, and there appears to have been significant impact

from the disruption caused by Taiwanese and South Korean MLCC producers hiking spot

prices for commodity products supplied to trading companies. We surmise that Japanese

manufacturers are seeing increased orders from trading companies and OEMs in greater

China.

June export value was up 31.5% y-y for MLCCs (up 18.6% in May, up 28.0% in April, up

21.7% in March), up 11.6% for inductors (up 10.4% in May, up 10.5% in April, up 10.3% in

March), up 34.1% for fixed resistors (up 28.0% in May, up 28.5% in April, up 16.0% in

March), and up 16.7% for aluminum electrolytic capacitors (up 26.5% in May, up 11.3% in

April, up 16.0% in March). USD/JPY came in at 160.7 in June, representing yen

depreciation of 1.5% versus 158.3 in May 2026 and yen depreciation of 10.1% versus

144.5 in June 2025. On a USD basis, exports were up 18.2% for MLCCs, up 0.4% for