August 2023 – Renewed double-digit growth in China tyre exports

China-based manufacturers exported 54.66 million new pneumatic tyres in August 2023, a 13.6 per cent higher volume than in August 2022. The value of these tyres rose 19.7 per cent year-on-year, to RMB 13.63 billion (£1.55 billion, US$1.89 billion). These figures for August mark a return to double-digit growth for China’s tyre exports after a drop in growth during July.

Monthly exports have exceeded 50 million units for six consecutive months. China recorded the highest exports during the first eight months of 2023 in July, with 56.89 million tyres leaving the country for other destinations. July’s exports were worth RMB 14.02 billion (£1.59 billion, $1.95 billion), the highest monthly amount recorded this year, but only 9.4 per cent above the value of July 2022’s unusually high export volume.

Total tyre exports for the first eight months of 2023 have reached 410 million units, up 7.4 per cent year-on-year. The value of these exports is RMB 99.71 billion (£11.32 billion, $13.85 billion).