Exports of tires increased more than 7 percent on-year during the first four months of the year, nearly recovering to their level from five years ago before the pandemic, industry data showed Wednesday.

According to data from the Korea Tire Industry Association, South Korean tire companies, including Hankook Tire and Kumho Tire, shipped 22.41 million tire units overseas during the January-April period, up 7.3 percent from last year.

The tally accounts for 90.7 percent of the shipments the industry recorded in the same period in 2019. It amounts to US$1.17 billion in terms of value.

Industry watchers say the annual figure could reach nearly 70 million units, reaching a record high in five years if the growth trend continues.

Tire exports to Europe, in particular, stood out. European exports amounted to $532.7 million, up 33.1 percent on-year. Shipments to North America, the Middle East and Asia, meanwhile, fell 25 percent, 0.2 percent and 8.1 percent, respectively.

An industry watcher said this year’s es
timated global car sales volume is expected to reach 92.2 million units, surpassing the 91.24 million units in 2019, and that tire sales in major global markets are expected to gradually increase accordingly.

Source: Yonhap News Agency