Iran’s tire output up 22% in 8 months to late November: Report
Iranian tire manufacturers have seen their output increase in volume terms by 22 percent in the eight months to November 20, shows a report.
The official IRNA news agency said in a Thursday report that tire production by a handful of major manufacturers in Iran had reached a total of 175,650 metric tons in the first eight months of the current calendar year.
The volume equals to nearly 16.5 million tires, an increase of 23 percent year on year in November, said the report.
Automobile tire output reached 104,025 tons, or nearly 60 percent of the total production, it said, adding the figure had shown a 27-percent increase on the eight months to November 2019.
Tire production in Iran is expected to experience a major boom in the coming months after the government liberalized a bulk of the market last month and allowed manufacturers to offer products on competitive prices.
The decision came after the government stopped financing imports of raw materials needed in by tiremakers.
High currency rates have led to lower imports of foreign brands of tire to Iran in recent years, helping domestic manufacturers to diversify their production lines.
Total annual output is expected to top 20 million tires by late March 2021, according to official government forecasts.
The IRNA report said production of tires used in light agricultural machinery had surged by 72 percent to 3,052 tons, while output for heavy farm machinery tires increased to nearly 12,000 tons, an increase of 19 percent year on year.
The report said other branches of tire manufacturing, including for minivans, trucks, buses and bikes, had also seen a robust surge in the eight months to late November.
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