China's Rare Earth Exports Decline: A Breather in Global Trade

In November, China recorded a 7.1% decline in its rare earth exports compared to the previous month, according to recently released customs statistics. This development reflects a waning demand abroad, as inventories to meet the production requirements of the holiday season have already been built up. As the largest producer of these 17 coveted minerals, essential for manufacturing products such as electric vehicles and consumer electronics, China exported a total of 4,416 tons last month. In October, the export volume was 4,753 tons, and in the comparative month of the previous year, exports amounted to 4,205.8 tons. Fortunately, cumulative exports in the first eleven months of 2024 have risen by 6.6% to a total of 52,105 tons. This indicates that despite the November decline, the overall year has been positive from a long-term perspective. At the same time, China's imports of rare earths fell by 20.9% last month compared to the previous year, totaling 11,327 tons. This brings the total volume from January to November to 123,288 tons, representing a 22.7% year-on-year decline. These figures shed an interesting light on global trade flows and China's strategic significance in this sector.