Tuesday, May 30, 2023

Importing Tires into the United States: Top 10 Suppliers

The top suppliers of total imported tires to the United States in 2022 were Thailand, Mexico, Japan, Canada, Vietnam and China.

According to the Department of Commerce data, the United States is the largest importer of new rubber tires in 2022, with an expected value of $19.215 million and a year-on-year growth rate of 22.9%.

Thailand led these shipments with $3.549 million, an increase of 17.4 percent.

It was followed by Mexico ($1,813 million, +19.4%), Japan ($1,703 million, +46.6%), Canada ($1,574 million, +4.7%) and Vietnam ($1,266 million, +39.1%).

New tires are sold all over the world under extremely competitive conditions.

Globally, The Goodyear Tire & Rubber Company reports that it has two major competitors: Bridgestone (based in Japan) and Michelin (based in France).

Other major competitors include Continental, Hankook, Kumho, Nexen, Pirelli, Sumitomo, Toyo, Yokohama and various regional tire makers.

These companies compete with each other in terms of product design, performance, price and terms, reputation, warranty terms, customer service and consumer convenience.

Imported tires

Continuing the special case of Goodyear, the main raw materials it uses are synthetic and natural rubber.

Synthetic rubber is expected to account for nearly 50% of Goodyear’s total rubber consumption in 2022. Its plants located in Beaumont and Houston, Texas supply most of the global synthetic rubber needs.

But the company sources all its natural rubber requirements from the world market.

Other important raw materials and components used by it are carbon black, steel cord, textiles and petrochemicals.

Rising demand for consumer products and supply chain disruptions as a result of Covid-19 and other global events, including the conflict in Ukraine, have led to inflationary cost pressures, including the higher cost of some material premiums, rising transportation costs and rising energy costs .

Other companies that entered the ranking of the top 10 external suppliers of tires to the US market in 2022 were: China ($1,257 million, +7.5%), South Korea ($1,147 million, +19%), Indonesia ($1,068 million, +33.6 %), India (724 million, +57%) and Brazil (444 million, +12 percent).

Nation World News Desk
Nation World News Deskhttps://nationworldnews.com/
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