China tyre exports up 16.7% in June

Official data for June 2023 shows that China’s tyre makers exported 56.69 million tyres during the month, a year-on-year increase of 16.7 per cent. These products had an export value of approximately 13.737 billion yuan (£1.49 billion, US$1.92 billion) and were thus 24 per cent more valuable than the tyres exported in June 2022.

Tyre exports significantly increased both in volume and value during the first half of the year. In the six months to 30 June 2023, manufacturers in China exported approximately 300 million tyres, 6.9 per cent more than during the first half of 2022. The export value of these products was around 72.077 billion yuan (£7.84 billion, $10.08 billion), an increase of 20.6 per cent.

Year-to-date growth

To date, January is the only month in 2023 in which export volumes fell short of last year’s figures. From February, China’s tyre exports have more or less maintained a year-on-year growth rate of ten per cent, with growth rates of 12.8, 12.3, 9.8, 10.3 and 16.7 per cent respectively. The year-on-year growth in June was safely the highest in the first half of 2023 and the month not only saw the largest tyre export volume to date this year, but it also beat the 2022 monthly peak of 54.37 million tyres recorded last July. June 2023 was also the fourth consecutive month in which monthly exports exceeded 50 million tyres.

The rate at which the value of tyre exports is growing is even more impressive. Even in January, when export volume fell sharply year-on-year, the overall value of these exports increased by 4.9 per cent. From February to June, monthly tyre export value was up 35.0, 26.1, 21.8, 16.6 and 24 per cent year-on-year respectively. The value of tyre exports exceeded 13 billion yuan (£1.41 billion, $1.82 billion) in June, a record unmatched in the past few years.