WASHINGTON — One has to wonder: When, if ever, will the growth of imports of tires to the U.S. peak?
After gaining over 18% in value in 2021 over 2020, the value of imports last year shot up an unprecedented 54.9% over 2021, to $19.6 billion.
Much of the gain can be attributed to the medium truck/bus tire category, where units imported jumped 37.9% and the corresponding value rose 45.2%.
The increase also reflects the general impact of inflation and rising tire prices, as values were up measurably more than unit gains, according to Tire Business‘ analysis of the U.S. Department of Commerce figures.
Combined with a slight drop in the value of tires exported from the U.S., the industry’s trade deficit rose 28.3% to a staggering $14.5 billion.
Among the 10 major trading partners in the tire sector, the U.S. enjoyed a trade surplus with only one last year — Canada — although trade…
