Computer-maker Lenovo reported unchanged PC-segment revenues on a year earlier in the fiscal first quarter, despite a 7% rise in average prices sold. Units shipped were held back by a reported shortage of components – and hence rising prices that ate into profits.

Panjiva data shows Chinese imports of semiconductors, one of Lenovo’s key production locations, certainly had issues at the start of the quarter. Volumes fell 1.9% in March and 1.1% in April, yet have since recovered by 12.1% in June. That bodes better for the start of the new fiscal quarter, and was led by a 31.5% jump in memory-chip exports.

Chart segments Chinese exports of semiconductors into processors, memory and others.  Source: Panjiva

The recovery in semiconductors allowed a major rebound in smartphone shipments, as outlined in Panjiva research of August 23, as well as a 33.3% jump in shipments of PCs in total. The aggregate of $10.7 billion was the highest since December 2014, and remarkable for being outside of the normal peak delivery season of the fourth quarter. The growth in June was led by a 35.2% rebound in laptop shipments in June, while sales of all-in-one systems was a relatively lackluster 6.0%.

Chart segments Chinese exports of computers by type. Lower panel shows change in total  Source: Panjiva

Lenovo’s exports from China picked up in June, by a relatively modest 1.9%, after falling 3.1% for the second quarter overall. That suggests sales in July may have recovered somewhat. Among the larger product Foxconn is also seeing a recovery after a 14.2% contraction in the second quarter while Compal is heading in the opposite direction. Number one exporter Quanta continues to go from strength to strength, with exports rising 50.0% in June after an unusually weak quarter the year before.

Chart segments Chinese exports of computers by company name, including known subsidiaries. Bubble size indicates total exports in dollars.  Source: Panjiva

Lenovo’s small pickup can also be seen in its exports to the U.S. by sea from all its global plants. Those increased 1.1% on a year earlier after a 50.3% drop on a year earlier in the second quarter. It has fallen well behind market leaders Dell and HP Inc. The former expanded by 8.8% in July, while the latter had a strong performance in the second quarter before weakening more recently.

Chart segments U.S. seaborne imports exports of computers segmented by company name  Source: Panjiva