Impact of Brexit on China’s Tire Exports Can’t be Ignored
British voted to leave the European Union, a domestic tire company said the profit of china’s tire export to UK may decline. The Bureau of Commerce, Yantai, Shandong province, made an investigation on most companies who have business relationship with UK, the results show that most companies thought the impacts will be limited, but in the long term, the prospect is unclear.
Linglong Tire exports radial tires to UK, as pound depreciated after British voted for“Leave”, the Chinese company predicts that the purchasing power of UK may weak, but the impact on tire export will be limited, British consumers may ask for lower prices, and the profit may decline a bit.
UK is one of the most important countries for China’s tire export, just next to the U.S.
Statistics show that in the first four months of this year, China exported 67,462,664 kg tires to UK, valued at 159 million U.S. dollars.
Therefore, the impacts of Brexit on China’s tire exports cannot be ignored.
The Top 20 Export Destinations of China’s Tire Exports in Jan.-Apr. 2016 (by Value)
- Tireworld Insight: Domestic tire makers eye overseas expansion
- Tireworld Insight: Price disparity severe between China's rubber exports and imports
- Tireworld Insight: China tire exports dependent on US market performance
- Tireworld Insight: SHFE rubber expected to move in tight range in short-term
- Tireworld Insight: Rubber futures to test near-term resistance at 15,000 yuan/tonne
- Tireworld Insight: China’s tire industry on track of rapid growth
