China Semi-Steel Tire Export Volume Hits a Fresh High
Snapshot: From January to July 2024, the export volume of semi-steel tire under HS code 40111000 performed well, up 14.68% Y-O-Y and hitting a historical high. Therein, the HS code 40111000 mainly covers the new pneumatic rubber tire used for motor passenger vehicles. With the global car ownership gradually leveling up, the market share of China’s tire expands due to its high cost-effectiveness. In the short run, the export market of semi-steel tire is likely to perform well, driving up the exports in the whole year.
From January to July 2024, the export volume of semi-steel tire under HS code 40111000 rose by 14.68% Y-O-Y, notching a historical high.
From January to July 2024, China’s semi-steel tire export market remained robust, with the export volume totaling 1,891.7kt, up 14.68% Y-O-Y. In H1, 2024, the monthly export volume of semi-steel tire peaked in June at 316.28kt, up 18.68%Y-O-Y. From January to July 2024, China’s semi-steel tire exports performed well, based on the following aspects. Firstly, since 2024, the continued depreciation of the RMB is conducive to exports. Secondly, due to geopolitical issues, Europe has certain demand for China’s tire. Thirdly, the price of China’s tire is cheaper than that of European and American brands, with high cost performance. Besides, China’s tire enterprises are actively exploring overseas markets, and the market share of China’s tire is growing in the world.
From January to July 2024, the exports of semi-steel tire continued to rally, especially those to Europe, South America and the Middle East ranked in the top three with high Y-O-Y rise and proportion. In Europe, affected by geopolitics, there was increasing demand for China’s tire as tire was a kind of strategic material. Besides, in the past two years, local European tire enterprises were shut down, such as Michelin’s Russian plant and Nokian’s Finnish plant. Thus, the tire supply in Europe declined.
What’s more, the exports of semi-steel tire to South America and the Middle East performed well, mainly because some countries in South America were large export transit countries, and some of China’s tire exported to the U.S. were re-exported through South America. Therefore, the export volume of semi-steel tire in China remained robust, boosting the overall sales.
In the future, China’s semi-steel tire exports may continue to remain robust.
SCI reckons that China’s semi-steel tire market may keep strong in 2024, mainly boosting the overall sales volume. In H2, 2024, without the impact of the Spring Festival holiday, the overall semi-steel tire market may perform better from H1, 2024. Meanwhile, in 2024, there will be certain demand in the overseas market. In Europe, affected by plant closure and demand growth, the supply gap may still exist. Besides, China’s semi-steel tire enterprises may be active in exploring the European market. Thus, the market occupancy of China’s tire in Europe may continue to ramp up. The overall export volume of semi-steel tire to Europe may be higher Y-O-Y.
Meanwhile, markets such as South America and the Middle East are developing, and China’s enterprises are actively exploring markets. Thus, the market occupancy of China’s tire in these regions may also trend up. Supported by demand, the export orders at China’s semi-steel tire enterprises may be high. On the whole, it is projected that the export volume of semi-steel tire under HS code 40111000 is likely to remain robust in H2, 2024, with better performance from H1.
All information provided by SCI is for reference only, which shall not be reproduced without permission.
Please click "Read more" for the full article.
