On Wednesday, the Semiconductor Industry Association heralded a significant development as it announced an upward trend in global chip sales for the first time in over a year.

Data compiled by the SIA revealed that chip sales for November 2023 climbed 5.3% year-over-year to reach $48 billion, marking a 2.9% increase from the previous month.

John Neuffer, the President and CEO of SIA, remarked, “Global semiconductor sales increased on a year-to-year basis in November for the first time since August 2022, an indication that the global chip market is continuing to gain strength as we enter the new year. Looking ahead, the global semiconductor market is projected to experience double-digit growth in 2024.”

Geographically, most regions experienced a surge in chip sales year-over-year, with China leading the way with a 7.6% rise, followed by Asia Pacific and other regions at 7.1%, Europe at 5.6%, and the Americas at 3.5%. Notably, Europe was the only region that encountered a contraction, with a 2.8% year-over-year decline.

While month-over-month sales rose in China, the Americas, and Asia Pacific, they declined in Japan and Europe. The SIA proudly represents 99% of the U.S. semiconductor industry by revenue and approximately two-thirds of non-U.S. companies.

Related companies: Intel (NASDAQ: INTC), Nvidia (NVDA), Taiwan Semiconductor (NYSE: TSM), AMD (AMD), Qualcomm (QCOM), Broadcom (AVGO), Micron (MU), Texas Instruments (TXN), Analog Devices (ADI), Skyworks Solutions (SWKS), Qorvo (QRVO)