Rare earth exports from January to February 2021 increased 28.8% year-on-year

SHANGHAI, Mar 30 (SMM) – According to data from the General Administration of Customs, China exported a total of 7,068 mt of rare earth from January to February 2021, a year-on-year increase of 28.8% from 5,489.2 mt in the same period last year. China's total rare earth export value stood at $78.9 million from January to February 2021, an increase of 85.6% compared to $42.5 million in the same period last year.

Imports and exports have increased significantly in the first two months of the year amid improved production and consumption in Europe and the US, growing overseas demand. The domestic economy continued to recover, driving rapid growth in imports. In addition, the low base in the first two months of last year amid the impact from the COVID-19 pandemic also accounted for the significant growth this year.

From January to February 2021, China imported 4,115.7 mt of unspecified rare earth oxide, a year-on-year increase of 27.9%; import value stood at $110 million. China's imports of unspecified rare earth oxide from Myanmar increased by 17% year-on-year to 1,550 mt in February. Myanmar, Malaysia and Vietnam were main suppliers to China and imports of unspecified rare earth oxide from Myanmar accounted for 85%.

In February, China's imports of unspecified rare earth oxide from Myanmar increased. This reflected that the military coup in Myanmar did not affect China's imports of rare earth.

On the rare earth metal ore front, China imported 7,546.5 mt of rare earth metal ore in January 2021, all of which came from the United States. Import value stood at $18.92 million; imports in February stood at 3,941.5 mt with an import value of $11.36 million, of which 100 mt were from Burundi and 3,841.5 mt from the United States. From January to February 2021, China imported 11,488 mt of unspecified rare earth metal ore, a year-on-year decline of 27%; import value stood at $30.27.6 million.

China's rare earth metal ore imports from January to February 2021 decreased by 27% year-on-year, while the import value increased by 47.2% year-on-year. The average import price rose 101.7% year-on-year.