Complexities and Dependencies in the Global Semiconductor Value Chain

Dorothee Hillrichs and Anita Wölfl

No 54, EconPol Policy Reports from ifo Institute - Leibniz Institute for Economic Research at the University of Munich

Abstract: This EconPol Report sheds light on the global supply of semiconductors. Our analysis of value-added data for the US underscores the importance of semiconductors for advanced economies. Using global trade data and an extensive list of semiconductor-related goods, we provide a detailed description of the global semiconductor economy. We show that while final chip exports have been dominated by Taiwan, China, and Korea at an aggregate level since the early 2010s, export leadership varies substantially across chip types. Moreover, we identify nine core countries in North America, Europe, and Asia that dominate semiconductor-related trade including material inputs and equipment. The nine countries exhibit substantial mutual trade dependencies due to the fragmentation of semiconductor production. Against the backdrop of a rise in policy interventions affecting semiconductors since 2021, we end this report by flagging open questions about the economics of semiconductor production.

Date: 2025
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