Data released recently by China’s National Bureau of Statistics revealed that the country’s economic recovery during the July to September 2020 quarter was robust. China’s GDP growth for the third quarter was up 4.9% from the same quarter in 2019. Over the first three quarters of the year, China’s GDP hit 72.3 trillion yuan- a year on year rise of 0.7%.
As the economy rebounded, so did auto production and sales, which led to strong growth in China’s tire market over the first nine months of 2020.
According to official statistics, during the January to August 2020 period, 501 million tires were produced in China, down 8.4% compared to the same period of 2019. However, an upward trend was noted, with 77.1 million tires produced in the country in August, up 13.4% compared to the August 2019 figures.