Chinese tyre exports grew at double-digit rate in 2023

Chinese Customs tyre export data for December 2023 shows that the number of tyre exports in December increased by 610,000 units from last month, basically maintaining the same level as in November. However, the export value and export weight in December decreased by 300,000 yuan and 30,000 tons compared with the previous month. In other words, the increase in the number of lighter-weight tyres has not led to an increase in export value.

Overall, China’s tyre exports maintained rapid growth throughout the year. The export quantity and value throughout the year increased by more than 10 per cent year-on-year. Specifically, China exported 616 million tyres throughout the year, a year-on-year increase of 11.8 per cent. Its monthly average tyre export volume is more than 50 million units. In 2023, China’s tyre export value reached 150.1 billion yuan (approximately £16.5 billion; €19.3 billion), an increase of 19.5 per cent compared with the 2022 value.

Specifically, except for January, February and October, the tyre export volume in each month of 2023 was more than 50 million. Among them, 56.89 million tyres were exported in July, which was the peak value for the whole year. The tyre export value in that month reached 14.025 billion yuan, which was also the only month in the year in which the export value exceeded 14 billion yuan.

The data for 2022 and 2023 shows that tyre exports will have a downward trend at the beginning of the year. This trend may also appear during the course of 2024.