Problems Faced by the Chinese Tyre Industry in 2021
The year 2021 has been tough for the tire industries all over the world including China. Chinese tires have a reputation in the industry and are exported all over the world in huge quantities. China faced multiple problems in 2021 that reasoned into price increase and shortage in the global markets. China faced the most impact of Covid-19 as they were not allowed to export products because the virus could be carried with it. China was shut down for the longest period also all the industries needed raw material which was not available in the markets. China also faced a major electricity crisis in mid of the year which resulted in the government instructing the tire factories to cut down their operations for almost a month and cut down the process of manufacturing to a minimum. This lead to the price increase of tires. China is one of the largest tire exporters in the world, which also has a huge impact on the economy as most of their products are exported worldwide...