China’s tyre export growth continued to slow in April

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).
However, during the Guangrao Tyre Show from 15 to 17 May, Tyrepress China learned that China’s tyre export situation in 2024 will not be as good as the previous year. China’s export data in the first four months of 2024 seems to confirm this view. Although export data still shows a growth trend, the growth rate has slowed down. Taking April 2024 as an example, China’s tyre export volume increased by 7.7 per cent year-on-year, and its export value increased by 4.7 per cent. The growth rate of both data is less than 10 per cent. In some individual months in 2023, the year-on-year growth rate will be more than 20 per cent.
From January to February 2024, Tyrepress China once mentioned that China’s tyre exports did not seem to be affected by the Lunar New Year and were still very strong. However, this phenomenon reached an inflexion point in March and further declined in April. More importantly, in April, the growth in tyre export volume was higher than the growth in export value. In other words, the export unit price of tyres is declining, which does not seem to be good news for Chinese tyre companies whose profits are very dependent on exports.
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