The core elements of China's tire industry in 2022

From the perspective of export destinations, China's tires are mainly exported to the United States, Mexico, Australia, Saudi Arabia, Russian Federation and other countries and regions, accounting for 7.8%, 5.11%, 3.52%, 3.37% and 3.14% respectively in 2021.

The United States is an important area for China's tire export. However, since 2015, the United States has imposed a high "double reverse" tax on some Chinese tires, and the amount of Chinese tire exports to the United States has been declining. The latest "double reverse" arbitration of the US Department of Commerce landed in May 2021, of which China's local tire companies were generally taxed at a rate range of 6.23%-21.09%. According to statistics, China's tire exports to the United States in 2014 amounted to $4.117 billion, and fell to $1.367 billion in 2021.

Although domestic tire companies can mitigate the negative impact by adjusting the structure of export products and sharing the tax rate increase pressure with U.S. dealers and consumers, in the long run, domestic companies want to break through tariff restrictions, branding and internationalization is the ultimate development path. Such as Cywheel tires, Linglong tires and other domestic enterprises have gradually accelerated the globalization layout, have built factories in Southeast Asia and Europe to avoid trade barriers