China's rare‑earth exports hit 16‑year high in June
What's the story
China's exports of rare-earth metals in June reached their highest level since 2009, official data shows. The country exported a record 7,742 tons of these metals last month, a staggering 60% increase from the same period last year. This surge is driven by global demand for materials used in electric vehicles and other high-tech applications.
Trade tensions
Despite earlier restrictions, exports continue to rise
In April, China imposed stricter rules on the export of key rare earths amid ongoing trade tensions with the US. Despite these earlier restrictions, exports have continued to rise. The continued rise in exports is driven by global demand for rare-earth metals, particularly for use in permanent magnets, which are essential components for electronics and electric vehicles.
Market control
China produces around 90% of global rare-earth magnets
China dominates the global market for rare-earth magnets, producing around 90% of them. These magnets are critical for electronics and electric vehicles. The country's booming exports have already exceeded last year's total in just the first half of this year. This highlights China's key role in the global supply chain for these essential materials.