Rare Earth Export Stagnates in May

by | 9. Jun 2023 - 10:36 | Economy

Rare earth exports from China stalled in May, industry portal Shanghai Metals Market reports. With 4,576 tons, just two tons more were exported than in April. Compared to the same month last year, there was even a 5.9 percent decline. In general, economic data from China released this week suggests that the country is not recovering from the effects of the pandemic as quickly as hoped. As Bloomberg (paywall) reports, manufacturing activity fell in May. In addition, overall exports fell 7.5 percent year over year, much more than expected. A sign that the economic slowdown is now gradually affecting the People’s Republic. A glimpse of hope, meanwhile, is the rising number of cars exported, driven mainly by electric vehicles, which are enjoying increasing popularity abroad, Bloomberg added.

Photo: iStock/donvictorio