China’s rare earth imports shot up in 2023

According to customs data, China's rare earth metal ore imports reached 5,616 mt in December, up 21% YoY and 24% MoM. Unlisted rare earth oxide imports stood at 4,140 mt, up 12% YoY and 20% MoM. Mixed rare earth carbonate imports were 377 mt, up 1,693% YoY but down 83% MoM.
In 2023, China's rare earth imports were some 3.4 times its exports. Imported products were mainly rare earth’s raw materials, while exported products were deeply processed rare earth.

Specifically, in 2023, China's rare earth metal ore imports were 66,414 mt, down 14% YoY. Among them, more than 99% of rare earth metal ores came from the US. Unlisted rare earth oxide imports stood at 43,856 mt, up 206% YoY, which mainly came from Southeast Asian countries. Rare earth resources in these countries were relatively abundant, but their grades were low and mining and processing costs were high. Mixed rare earth carbonate imports were 15,109 mt, up 882% YoY, which mainly came from Malaysia. However, given that the Malaysian government announced that it will restrict rare earth raw material exports, rare earth imports from the country may shrink.