Welcome to the latest edition of Industry Intelligence Insights, where we provide a comprehensive look at the key trends, economic shifts, and research shaping the global electronics manufacturing industry. I’m Thiago Guimarães, Director of Industry Intelligence at IPC, and I’m excited to continue delivering insights that keep you up to speed with industry developments.

This month’s market analysis from IPC’s Chief Economist, Shawn DuBravac, discusses escalading trade tensions as newly imposed U.S. tariffs on China take effect, and the retaliatory measures from Beijing. Meanwhile, a temporary 30-day suspension of tariffs on Mexico and Canada introduces further uncertainty as the USMCA review looms in 2026. The broader economic picture remains resilient, but inflation concerns and trade instability could shift market conditions in the months ahead. 
In this issue, we highlight the latest Book-to-Bill reports, where EMS bookings surged 28% year-over-year, signaling potential growth despite shipment declines, while PCB bookings spiked nearly 60%, reflecting strategic inventory adjustments amid tariff uncertainty. Our January Global Sentiment Report also shows the industry reaching neutral demand levels for the first time in months, though labor and material cost pressures remain top concerns. 
We also feature two must-read community articles from IPC’s Winter 2025 Community Magazine: 

• "Trade Tensions and Tariffs" by Shawn DuBravac further explores the economic risks of rising protectionism. 

• "Roadmapping Sustainability" by industry experts at Nokia Bell Labs, Purdue University, and iNEMI highlights strategies for embedding eco-friendly practices in electronics manufacturing. 

Finally, don’t miss our latest EMS & The Economist podcast, where Shawn DuBravac and Philip Stoten break down the global manufacturing landscape under new trade policies. 

Warm regards,
Thiago Guimarães
Director of Industry Intelligence, IPC