The growth trend seen in China’s tyre exports throughout 2023 continued in July, albeit at a slower rate of year-on-year growth than seen earlier in the year. China’s tyre makers exported 56.89 million tyres in July 2023, 4.7% more than a year earlier. The value of these exports increased 9.4% year-on-year, to RMB 14.02 billion (£1.5 billion).
With its currency the world’s worst-performing at present, Sri Lanka is facing an economic and political crisis. Despite these issues, GRI remains resilient and continues to supply its specialty tyres to global customers. The tyre maker has published a statement underlining its commitment to stand firm during the challenging times prevailing in the island nation.
While ChemChina’s deal with Camfin to take over Pirelli officially got under way this month, not everyone connected to the economy in the People’s Republic was looking so positive. The stock market has been in freefall and industrial production looks to have taken a big hit. The Chinese state’s answer? To devalue the national currency (the yuan renminbi or RMB) three times in a week and make already cheap Chinese exports even cheaper.
Global markets and tyre markets interact with each other. With economics and indeed the tyre market being more “global” than ever, events in one market are bound to have a greater impact on other markets than ever. And with Europe having experienced its share of political and especially economic instability in the last decade, while […]
Finland’s Nokian Tyres Group has reported a year-on-year decline in sales, operating profit and earnings during the first quarter of 2014. Despite a growth in sales volumes, currency devaluation – particularly in the Russian rouble – led to net sales between 1 January and 31 March declining 6.3 per cent to €311.9 million. Operating profit for the period was €68.4 million, 10.4 per cent below the same period a year earlier, and profit for the period amounted to €38.7 million, a year-on-year drop of 39.1 per cent. Earnings per share came to €0.29 as opposed to €0.48 a year earlier.
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