[UPDATE] China: Export of rare earths at record level

by | 13. Jul 2023 - 09:33 | Economy

The export controls on the technology metals gallium and germanium, which will come into force in China in August, had led to speculation as to whether the country would also strictly regulate the export of rare earths in the future. This does not seem to be the case at the moment; on the contrary, exports of this group of raw materials reached a three-year high of just over 5,000 metric tons in June, as reported by Reuters. This was 17 percent more than in the same month last year, when the country had shipped 4,265 tons abroad. As Reuters writes with reference to analysts, this week the price level has fallen to its lowest level since the end of 2020. An increased supply and a lower demand from the industry is the reason for this.

Meanwhile, the figures on rare earth export are in stark contrast to other data on freight traffic presented today.Exports of goods fell in June by the most in three years, with a 12.4 percent drop compared to the same period last year. Imports also fell more than expected, dropping 6.8 percent, Reuters reported. The South China Morning Post considers the figures disappointing, saying they are another indicator of the weakening recovery after the Corona pandemic.

Photo: iStock/robertmandel

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