BEIJING: China’s rare earths exports rose 18.7% in the first two months of 2024 from the corresponding period a year earlier, data from the General Administration of Customs showed on Thursday.
Exports of the group of 17 minerals from the world’s largest producer climbed to 8,774 metric tons in January and February combined, the customs data showed.
China combines import data for January and February into one release to smooth out the impact of the Lunar New Year holidays, which can fall in either January or February every year.
In February, China set its first rare earths mining quota for 2024 at 135,000 tons. That is 12.5% higher than the first quota for 2023, but less than the 19% year-on-year increase seen in the first quota released in 2023.
Last year, China’s rare earths exports gained more than 7% compared with 2022 levels, boosted by growing overseas demand for electric vehicles, wind power and other high-tech.
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Higher exports in 2023 were also partly a reaction to market fears China would introduce restrictions on shipments after it curbed exports of germanium, gallium and some graphite products used in semiconductors and electric vehicle batteries.
China accounts for 70% of rare earths mining and 90% of refined output, according to the United States Geological Survey.
Rare earths are used in a wide range of products including lasers, military equipment, electric vehicles, wind turbines and consumer electronics.
China’s rare earths imports in the first two months fell 18.6% from the previous year to 22,285 tons, the customs data showed.
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