Expansion in the Asian electronics sector is continuing, albeit growth momentum has gradually moderated during the first half of 2022, with new orders having slowed, according to the latest S&P Global Electronics PMI survey.
The global electronics industry has shown positive expansion since mid-2020, as the COVID-19 pandemic has driven strong demand for consumer electronics for remote working and home entertainment. However, the pace of expansion has shown some moderation in the first half of 2022.
South Korea’s exports of information and communications technology (ICT) goods grew by 18.9 percent year-on-year (y/) to USD 123 billion in the first six months of 2022. Taiwan’s exports of electronics products rose by 15% y/y in June.
Southeast Asian economies also recorded strong growth in electronics exports. In Malaysia, exports of electrical and electronics products rose by 32% y/y during the first six months of 2022, helped by strong demand from the US. Vietnam also recorded buoyant electronics exports, with exports of phones and components rising by 16.4% y/y in the first six months of 2022, reaching a total of USD 29.2 billion.
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