China’s tyre exports slowed further in September

On October 24, China Customs announced the export data. In September, China exported 41.37 million new pneumatic rubber tyres, down 19.4 per cent year-on-year. The total weight of these tyres was 580,000 tons, down 1.4 per cent. While the number and weight of tyre exports declined, the export value still increased significantly compared to last year’s period. In September, the export value of Chinese tyres reached 10.14 billion yuan (about 1.24 billion pounds, 1.41 billion euros)*, an increase of 9.6 per cent.

China exported 425 million tyres from January to September, down 2.9 per cent year-on-year. The tyre export weight was 5.59 million tons, an increase of 8.9 per cent. The tyre export value was 94.17 billion yuan (about 11.47 billion pounds, 13.13 billion euros), a year-on-year increase of 20.2 per cent.

The tyre export figures for September were similar to those for August: the number of tyre exports fell, and the value of exports was still much higher than a year earlier. It is worth noting that data in September showed that China’s tyre exports showed a further slowdown compared with the previous month. From January to August, the cumulative export volume of China’s tyres decreased by 0.7 per cent year-on-year, and the cumulative export value increased by 21.6 per cent. However, the cumulative export volume of China’s tyres fell by 2.9 per cent year-on-year by the end of September, and the decline has increased; the cumulative export value increased by 20.2 per cent, weaker than the 21.6 per cent in January-August.

Single-month export data is also not optimistic. In September, China’s tyre export value increased by 9.6 per cent year-on-year, the first time since April that the increase was less than 10 per cent. The number of tyres exported in September fell by 19.4 per cent from the same period in 2021, the most significant decline in 2022.

*The currency data in this article are calculated according to the real-time exchange rate