Continued growth for China tyre exports in May

China’s tyre exports continued to grow in May 2023. During the month, the country’s manufacturers exported 53.82 million new pneumatic rubber tyres, 10.3 per cent more than in May 2022. The value of these tyres rose 16.6 per cent year-on-year, to approximately RMB 12.8 billion (£1.4 billion). When comparing figures for May with those for the previous month, we see a further year-on-year expansion of export volume but a lower increase in export value.

Looking at the current growth trend, it is likely that China’s tyre exports will grow in the first half of 2023. In fact, with the exception of January, exports have so far maintained a positive trend in 2023. Monthly tyre exports increased between February and May, growing 12.8 per cent, 12.3 per cent, 9.8 per cent and 10.3 per cent respectively.

China exported a total of 240 million tyres from January to May, 4.9 per cent more than in the same period of 2022. The value of these exports was RMB 58.37 billion (£6.4 billion), up 19.8 per cent. A sizeable proportion of these tyres were produced in Shandong Province: From January to May, manufacturers within the province exported tyres worth RMB 35.34 billion (£3.9 billion), up 17.7 per cent year-on-year.

This article first appeared on our Chinese-language sister site, Tyrepress China.