In April 2024, the tariff policy of the Trump administration in the United States may completely changed the pattern of China’s tyre exports. Therefore, China’s export data in March may be the end of the era of China’s tyre export expansion. Next, the geopolitical changes led by the United States will determine the long-term and specific impact on China’s tyre exports in the future.
Data released by Chinese Customs show that China’s tyre export data for the first two months of 2025 is almost the same as last year’s period. Among them, the number of new pneumatic rubber tyres exported was 107 million, a year-on-year increase of 7.5 per cent; the export value was 23.82 billion yuan (about £2.54 billion; €3.03 billion), an increase of 5.2 per cent; the export weight was 1.32 million tons, an increase of 3.3 per cent. The growth values of the three comparative indicators are all below 10 per cent.
After an upward trend in October, China’s tyre export data slowed again in November. After explosive growth in 2023, China’s tyre exports generally showed a slowing trend in 2024. With Chinese tyre manufacturers continuing to increase the production capacity of overseas manufacturing centres, China’s export data may further decline.
According to officials in China, tyre export volumes increased slightly year-on-year in November 2024. However, the rate of growth slowed significantly compared to October, with export volumes declining slightly month-on-month.
Hongsheng Rubber reports that overseas orders increased significantly in 2024, with a 20% increase in the first half of the year. And moving forward, the company’s production capacity has been scheduled until March 2025, according to an interview with local media in Guangrao.
In 2023, Vietnam’s commercial vehicle tyre exports reached a total value of US$1.305 billion. According to research conducted by Research and Markets, with the growth in global tyre market demand in 2024, the cumulative export value of Vietnam’s commercial vehicle tyres had already approached $600 million by May 2024. By 2033, Vietnamese truck tyre exports are expected to reach a value of $3.27 billion, which equates to a compound annual growth rate (CAGR) of 9.8 per cent.
At 2.28 billion yuan (about £250 million; €290 million), Doublestar’s revenue was almost the same year-on-year in the first half of 2024. Doublestar was still in the red during the reporting period. However, compared with the same period in 2023, its losses were further reduced to 57.1 million yuan (about £6.2 million; €7.4 million). According to Doublestar, “PCR product profitability continues to improve” but “insufficient market demand for truck and bus tyres” is why the tyre manufacturer is still losing.
Tyre makers in China exported 60.6 million tyres in July 2024, exceeding the 60-million mark for the second consecutive month. Volumes were up 6.8 per cent year-on-year in July, with the value of these tyre exports amounting to 14.05 billion yuan (£1.49 billion).
Jiangsu General said the Thailand plant’s construction project (Phase II) has been modified. Specifically, the tyre manufacturer has increased the production capacity of semi-steel radial tyres at overseas bases and cancelled the plan to expand the production capacity of full-steel radial tyres.
In 2023, Jiangsu General’s revenue was approximately 5.06 billion yuan (approximately £540 million; €640 million), with a net profit of 220 million yuan (about £ 24 million; €28 million). Compared with the net profit of approximately 17 million yuan (about £1.8 million; € 2.16 million) in 2022, the company’s profit has increased more than tenfold in the past year.
Aeolus’ revenue in 2023 will be 5.74 billion yuan (approximately £620 million; €730 million), an increase of 15.05 per cent from the previous year. Among the market shares, domestic market revenue accounted for 52.23 per cent, and replacement and OE accounted for 28.58 per cent and 23.65 per cent, respectively. According to the tyre manufacturer, it will launch a new 12R22.5 TBR product portfolio in the domestic market in 2023.
Data from China Customs shows that tyre exports continued to grow in April. The quantity and value of exported tyres were 55.49 million units and 13.32 billion yuan (approximately £1.45 billion; €1.7 billion).
The Dongying, Shandong Province-based Huasheng Group is planning to add a Cambodia tyre production plant to its portfolio of five factories. While there are few details at the moment, the even-lower-than-Chinese production costs paired with the company’s desire to increase tyre export sales are said to be the main motivations behind the move. Tyres & Accessories met company representatives during the recent GuangRao Tire and Rubber Auto Accessory Exhibition, which took place between 15 and 17 May in Dongying where the company had no less than five generously proportioned stands exhibiting its range of car, 4×4, light truck as well as truck and bus tyres.
Linglong Tire is relocating the production of truck tyres for the European market to its newly inaugurated factory in Serbia from their previous production base in China and Thailand, Tyrepress sister website Reifenpresse reports. According to the Chinese manufacturer, the Serbia plant is “one of the most modern tyre factories in the world.” With four new tyre series and a total of 47 new products or product sizes, the product range includes truck tyres for all purposes, all of which were “developed specifically for the European market.” Serbian president Aleksandar Vučić told Chinese media that Linglong could become the country’s “fifth or sixth-largest exporter” thanks to the new plant.
Linglong is set to become Serbia’s fifth or sixth largest exporter or at least that is what Serbian President Aleksandar Vučić said he hopes happens, in an interview with Chinese media.
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