In many cases suppliers have even wiped out last year’s fall in sales.
Patrick Zammit, Avnet’s European president, says two factors have helped this.
The first is the speed with which the local industry adjusted to the fall in demand last year.
“Europe adjusted quickly to inventory correction, probably a little too much, so there is some inventory replenishment for sure.”
The second factor is the weakness of the Euro.
“The industrial sector in particular is highly dependent on exports to the US and the weak Euro makes us more competitive,” says Zammit.
“We are now seeing production coming back,” adds Zammit.
“I am not seeing any factor that could reverse the (upward) trend,” agrees Zammit at Avnet.