Chinese Tyre Exports Near 4-Year Low
The value of Chinese tyres exported to the US is nearing a four-year low after they plunged 37.5 per cent in October to $130 million as a result of swinging 35 per cent import tariffs imposed by the US government on 26 September 2009. According to the country's General Administration of Customs, China exported 240 million new tyres in the first 10 months of 2009, 9.6 per cent less than in the same period in 2008, sources reported. The export value of the tyres plummeted 10.5 per cent year-on-year, hitting $6.2 billion, and the average price for a tyre was said to be $25.40 (down 1 per cent year-on-year).
Beginning in November 2008 China’s tyre export value declined for 12 consecutive months. The export value for October 2009 was $630 million, down 3.1 per cent year-on-year, or 17.1 per cent month-on-month.
Between January and October 2009 China exported $1.81 billion worth of tyres to the US, 12 per cent less than the same period in 2008.
Exports to the EU during the first 10 months of 2009 were valued at $940 million to the EU, with $240 million worth of tyres going to Australia, $330 million to the United Arab Emirates and $310 million to ASEAN members.