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China’s Integrated Circuit Exports Show Strong Growth by August

by Geraldine S.
09/27/2024
in Global Trade

According to a report by People’s Daily, data from China’s customs authorities indicates that the country’s integrated circuit (IC) exports reached RMB 736.04 billion in the first eight months of this year, reflecting a 24.8% increase. This growth in IC exports has surpassed automotive exports, which totaled RMB 540.84 billion during the same period, establishing ICs as a significant category in China’s export portfolio. The report highlights that IC exports are gradually recovering from previous downward trends. Over the past decade, the export value of China’s ICs has increased more than 1.5 times. In 2023, the volume and value of IC exports reached 2,678 billion units and RMB 956.77 billion, respectively, marking increases of 74.5% and 155.9% compared to 2014.

The global chip industry faced challenges from 2022 to 2023, transitioning from concerns about chip shortages to a focus on inventory reduction. According to the Semiconductor Industry Association (SIA), global semiconductor sales for 2023 totaled USD 526.8 billion, a decline of 8.2% year-on-year. This trend affected China’s IC export growth rate, which fell to 3.5% in 2022 and -5% in 2023, ending a streak of five consecutive years of double-digit growth. However, the report notes signs of improvement since early 2024. In August, China’s IC exports reached RMB 95.18 billion, an 18.2% increase compared to the previous year, with export values showing year-on-year growth for ten consecutive months.

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Analysts suggest that the IC industry, known for its cyclical nature with cycles typically lasting four to five years, is emerging from a recession. They point to innovations in AI applications, such as ChatGPT, as well as trends in automotive electrification and intelligence as key factors driving the stabilization and growth of the IC sector.

Get the latest supply chain report news at The Supply Chain Report. Learn more about international trade with tools from ADAMftd.com.

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