Despite the impetus from domestic demand and optimistic outlook for the tire market, China's rubber industry is possibly to see this year its first negative growth since 1978, mainly due to the deterioration of overseas markets. Steep US tariffs imposed on Chinese-made tires, in particular, has hit the industry especially hard.
Fan Rende, chairman of the China Rubber Industry Association, pessimistically predicted that the country's tire growth rate would fall 13 percentage points from the previous year, which is likely to press down the growth of rubber industry by 10 percentage points.
Rubber consumption may also fall by about 5 million tons, Fan added.
The country's exports of rubber products slumped in the January-September period, with export delivery value of tires dipping 10.5 percent year on year.
(Source: http://irco.biz)
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