According to Indonesia's largest Chinese-language newspaper, "International Daily," reported on the 2nd, due to the increase in the cost of natural rubber raw materials to increase production costs, Indonesian tire industry will increase the tire price by 5%.
Aziz Benny, president of the Indonesian Tire Enterprises Association, said that rising tire raw material prices will affect production costs and that tire manufacturers will consider increasing tire sales prices by 5%.
Benny said that since the beginning of this year, Indonesia's tire prices have risen by 3%-5%, but still need to raise prices in July.
According to the statistics of the association, in the first four months of this year, Indonesia's tire production totaled 11,107,800, an increase of 10.4% over the same period of last year. In the first four months, Indonesia’s export revenue from tires reached US$146.4 million, a year-on-year increase of 27%.
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