Global Research ab 20 August 2025 Global Tobacco China Vapour Exports to July'25 Our monthly vapour volume export tracker, using data from China Customs, helps monitor the progress of the vapour category. Most vapour products are manufactured in China, including those by non-tobacco (that have a UBSe >85% category share) and tobacco manufacturers. In 2024, UBS Tobacco Transformation Model estimates vapour retail sales growth of c+20% (to $46bn) and equivalised volumes of c+25% (to c8% of total nicotine). NB ...