We Are Growing Again!

摘要

2009 was a terrible year, but it closed in better shape. Global electronic equipment shipment "growth" was negative for four consecutive quarters (4Q08 to 3Q09), but it then "recovered" in the fourth quarter of 2009 with an estimated 7 percent quarterly increase versus 4Q08 (Chart 10). To be fair, this 7 percent expansion was relative to a very bad quarter of the prior year-but we are growing again!rnBased upon preliminary results (not all companies in our sample have reported 4Q09 financials as we write this column), most sectors of the global electronics food chain declined for the full year of 2009 (Chart 2). Only military and medical electronics and the Taiwan-listed ODMs (Original Design Manufacturers) expanded last year. However, the fourth quarter was a different story (Chart 3) as most sectors enjoyed decent growth (admittedly vs. a bad 4Q08).