In the first quarter of 2008 worldwide motherboard shipment volume is estimated at 38.0 million units. Shipment volume only declined 8.0% sequentially and grew 4.9% year-on-year. These developments can be attributed to several factors: first, the Euro continued to grow stronger compared with the US dollar, causing buying power in the Euro zone to strengthen. From January to mid-March, demand stimulated motherboard shipment growth. Secondly, the European market saw demand from the fourth quarter of 2007 deferred to the first quarter of 2008. Also, channel players adjusted inventory levels back to normal after relatively low levels in the fourth quarter of 2007, which created another wave of shipment growth. Third, emerging markets such as China, Eastern Europe, India, and the Middle East experienced strong growth, becoming major sources of growth for the industry in the first quarter.