Recently, China's General Administration of Customs released the latest rubber tire export data. The figures indicate that China's rubber tire export market maintained a steady growth trend in the first nine months of 2024, but the data for September showed a year-on-year (YoY) decline, a change that has attracted widespread attention in the industry.
Specifically, in the first nine months of 2024, China's total rubber tire exports reached 6.94 million tons, up 4.4% YoY, with export value climbing to RMB 122.5 billion, a YoY increase of 4.8%. These figures not only demonstrate China's robust competitiveness in the global rubber tire market but also reflect the stability of market demand.
In the field of new pneumatic rubber tires, China's export performance was particularly outstanding. In the first nine months, the export volume of new pneumatic rubber tires reached 6.7 million tons, up 4.2% YoY, with export value hitting RMB 118 billion, a YoY increase of 4.8%. In terms of the number of tires, the export volume of new pneumatic rubber tires reached 507.61 million pieces, up 9.9% YoY. This significant growth not only showcases China's tire manufacturers' continuous improvement in technological innovation and product quality but also earns widespread praise in the international market.
However, the rubber tire export data for September showed some fluctuations. According to statistics from the General Administration of Customs, China exported 750,000 tons of rubber tires in September, down 1% YoY and 11.7% month-on-month (MoM) compared to August. This is the first YoY decline in rubber tire exports this year, indicating that the tire foreign trade market may be facing some challenges and uncertainties.
In terms of prices, the rubber tire market has shown a differentiated trend. Notably, there is a significant difference in export average prices between passenger car tires and truck/bus tires. According to customs statistics, the export average price of Chinese passenger car tires was RMB 2,792.95 per ton in August 2024, up 0.65% MoM and 2.04% YoY. In contrast, the export average price of truck/bus tires showed a downward trend, with an export average price of USD 2,142.69 per ton in August, down 0.23% MoM and 0.93% YoY.
In the global truck/bus tire export market, Chinese tire manufacturers are facing intense competition. Statistics show that among the top 20 countries to which China exported truck/bus tires in the first eight months, only Brazil saw an increase in rubber tire prices by 3.7% YoY, while prices in the other 19 countries fell. This indicates insufficient demand for global truck/bus tires and increasingly fierce market competition.
Facing these challenges, Chinese tire enterprises need to actively adjust their market strategies, strengthen technological research and development (R&D) and product quality control, and enhance the added value and competitiveness of their products. At the same time, they also need to strengthen international cooperation and exchanges and expand diversified export markets to cope with the ever-changing global trade environment.
Despite the YoY decline in rubber tire export data in September, experts from China's General Administration of Customs pointed out that overall, China's rubber tire export market has maintained a steady growth trend. In the future, with the recovery of the global economy and the rebound in market demand, Chinese tire enterprises are expected to embrace more development opportunities.
