China: Export of Rare Earths Continues to Climb

by | 8. Aug 2023 - 09:17 | Economy

After China reported a three-year high in exports of rare earths in June with more than 5,000 tons, figures for July show a further increase. Reuters reports, citing the customs authority, that 5,426 metric tons of this commodity group were exported, an increase of nearly 50 percent compared to last year. This is just shy of the record figure set in March 2020. The 5,551-ton mark reached then, in turn, is the highest since at least 2014, which is when the authorities’ corresponding database records date back to, according to the industry portal Shanghai Metals Market.

Meanwhile, there are increasing signs in China that the economic recovery from the Corona pandemic is much slower than expected. Both exports and imports fell much more than analysts expected last month. According to Reuters, the government is currently looking for ways to boost domestic demand and thus economic growth, including incentives to buy electric cars.

Photo: iStock/Denys Yelmanov

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