NEWS

After a slight decline in U.S. tire trade volumes and revenue in 2020, both rebounded in 2021 as the country’s demand for tires rebounded to pre-pandemic levels,media reported.

In terms of numbers, U.S. tire imports in 2021 will increase by 18.4% year-on-year (the same below) to a record $15.9 billion, with double-digit growth in most categories of shipments.

Thailand is the No. 1 source of imported passenger car, light truck and medium truck/bus tires, with a shipment value of US$3 billion.

Mexico was a huge driver of tire imports last year. U.S. tire imports from the southern neighbor jumped 48.2% to $1.57 billion, driven by double-digit (52.8% and 55.9%) growth in both passenger and light truck tire shipments. Mexico ranks 3rd in terms of import value, almost on par with Canada, which ranks 2nd all year round.

Thailand is the largest import source country, ranking first in the overall list of import source countries.

Except for JK Tire (Mexico), all tires imported from Mexico are from Bridgestone (Americas), Continental (Americas), Goodyear (including Cooper), Michelin Group and Pirelli Tire subsidiary. Growth in Mexico's tire exports to the United States reversed the trade balance between the two countries, pushing Mexico to more than $255 million, a change of nearly $400 million.

With Mexico's transformation, the U.S. only has a trade surplus with Canada, a major tire trading partner, that shrank to just $39 million last year. Of course, all trade with Canada mainly involves three companies, Bridgestone (Americas), Goodyear, and Michelin (North America)—all with factories in both countries.

Canada and Mexico account for 65 percent of total U.S. tire industry exports, the data shows. The U.S. has the largest trade surplus with Australia at $328.4 million.

Overall, the U.S. tire trade deficit widened nearly 21% to $11.3 billion last year, on top of an 18.4% increase in imports (to $15.9 billion) and a 12.8% increase in exports (to $4.63 billion).

China, which was the largest trading partner of the United States until 2019, ranked fourth with an import value of $1.21 billion in 2021, an increase of 23.5%, most of which came from heavy truck tires, construction machinery tires and other industrial tires to the United States. Exports - This is due to a significant increase in import duties on passenger car, light truck and mid-duty truck tires exported to the United States.

Tire imports from Taiwan, China, fell 38% to $355 million, with tire makers in the region being the hardest hit by U.S. import tariffs imposed in early 2021. Compared to 2020, shipments of passenger car and light truck tires from Taiwan plunged 56.5% and 59.4%, respectively, last year.

Numerically, U.S. tire imports jumped 18.4% last year to a record $15.9 billion, and shipments of most tire categories saw double-digit growth: passenger tire imports rose 10.4% (14.7 million units). ) to 155.9 million; imports of light truck tires rose 19.8% (5.53 million) to 33.4 million; imports of medium truck/bus tires jumped 31.8% (4.18 million) to 17.3 million.

As a result, U.S. passenger car, light truck, and medium/heavy-duty truck tire imports accounted for 69 percent and 87 percent of shipments, respectively, last year, according to a Tire Business analysis of data from the U.S. Tire Manufacturers Association (USTMA) and the U.S. Department of Commerce. % and 76%.

However, about two-thirds of imported passenger tires belong to the tire brands of companies that manufacture themselves in the United States, so the "real" import share of passenger tires should be close to 23%.

 Remarks：Release time: 2022-03-11 Source: China Rubber Network  Author: Zhu Yongkang