On July 19, the General Administration of Customs released the rubber tire export data for June 2024. In June, the country exported 880,000 tons of rubber tires, an increase of 8.6% year-on-year. The cumulative exports from January to June were 4.51 million tons, an increase of 5.3% year-on-year, maintaining a good development trend overall.
Calculated by the number of tires, 65.08 million new pneumatic rubber tires were exported in June, a year-on-year increase of 15.0%; in the first half of the year, a total of 330.90 million new pneumatic rubber tires were exported, a year-on-year increase of 10.5%, an even more significant increase.
Shandong tires account for 57.78%
The double-digit growth shows the booming tire export business in China, especially compared with the domestic market. According to data from the National Bureau of Statistics, China's rubber tire casing production in the first half of the year was 525.92 million. According to rough calculations, exports account for 62.9% of China's tire market and are the main support for China's tire industry.
In June, the export of automobile tires alone was 755,119 tons, a year-on-year increase of 9.4%; the cumulative export of automobile tires was 3,854,648 tons, a year-on-year increase of 5.3%. In terms of amount, the total export value of rubber tires in the first half of the year was RMB 7,958,725 million, a year-on-year increase of 6.5%.
According to statistics from Qingdao Customs, from January to June 2024, the total value of rubber tire exports in Shandong Province was 46.0331 billion yuan, an increase of 5.4676% year-on-year, and the performance was still very outstanding.
Nationwide, Shandong's tire exports account for 57.78% of the country's total. According to feedback from many tire factories, this year's foreign trade orders are sufficient, and some are even scheduled for several months later.
Overseas factories are outside the data
In fact, customs tire export data does not include sales of Chinese-funded overseas factories. In recent years, the pace of China's tire exports has accelerated, and more and more factories are releasing production capacity.
According to relevant reports, in the first half of this year, Cambodia exported automobile tires worth US$366 million, an increase of 188% year-on-year from US$127 million in the same period last year. With the entry of more and more Chinese tire companies, tires have become Cambodia's new major export product.
From January to April 2024, the total export volume of semi-steel tires from Thailand was 20.868 million tons, an increase of 33.0% year-on-year, which was at a historically high level; from January to April 2024, the total export volume of all-steel tires from Thailand was 6.169 million tons, an increase of 10.1% year-on-year, which was at a historically high level.
Vietnam's automobile tire exports are also continuing to rise. Relevant departments predict that Vietnam's automobile tire exports will reach about 32.1 million in 2024 and 52.42 million in 2033, with a compound annual growth rate (CAGR) of 5.6% from 2024 to 2033.
Not only in Southeast Asia, in recent years, Chinese tires have gradually expanded their investment footprint to Africa, Europe, South America and other regions, and the next few years will usher in a new wave of tire production capacity explosion.
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