China exported around 23% more rare earth elements in the first two months of this year compared with the same period last year. According to data from Chinese customs authorities, 10,468 tonnes were shipped abroad in January and February.
Trade statistics for these two months are usually reported together to avoid distortions caused by the Chinese New Year, whose celebrations traditionally last around two weeks.
Chinese rare earth exports compared to last year.
More detailed figures expected in the coming weeks will show the exact composition of these exports. This will also provide a clearer picture of how the export controls on certain rare earth elements and related products, which have been in place for nearly a year, have affected trade flows.
China’s overall foreign trade also expanded strongly at the beginning of the year, supported by robust global demand. Compared with the same period last year, exports rose by 21.8% to 656.58 billion US dollars, according to the South China Morning Post. This represents the fastest export growth in four years.
Photo: iStock/tcly
