China: Export of Rare Earths Declines Considerably

by | 13. Oct 2023 - 09:30 | Economy

Domestic demand rising. Economy gradually recovering.

Strong demand on the domestic market ensured that China exported fewer rare earths abroad in September, Reuters news agency reported Friday. According to customs figures, exports fell sharply by 17.6 percent to 3,935 metric tons. Reuters points to inspections of mines in neighboring Myanmar, a significant supplier especially of so-called heavy rare earths such as terbium, as another factor in the drop in exports. As a result, operations were at a standstill until at least mid-September. Chinese companies have stocked up on raw materials due to the possibly approaching bottleneck and, correspondingly, less was available for export. The editorial team currently has no information on the resumption of production.

Meanwhile, there are signs that China’s economy is slowly recovering from the effects of the Corona pandemic. Bloomberg reports that the 6.2 percent drop in overall exports in September was less than expected. Imports also fell 6.2 percent. The government has been using several measures to revive the economy, which is being weighed down in parallel by a massive housing crisis.

Photo: iStock/ake1150sb

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