SMM, January 15: According to data from the General Administration of Customs on January 13, 2025, China's rare earth export volume in December 2024 reached 3,326.2 mt, down 3.3% YoY compared to December 2023. The total annual export volume was 55,431.1 mt, up 6.0% YoY. This growth trend indicates that despite a slight monthly decline in December 2024 due to the Christmas holiday, which caused a halt in overseas market procurement, the total annual export volume still increased.
In 2024, the trend of decoupling from China in the foreign trade market significantly intensified. As overseas rare earth industry chains gradually matured, overseas markets were striving to reduce reliance on a single country. Although the short-term effects may not be evident, in the long term, this could pose challenges to China's rare earth exports.
Currently, the NEV market remains a core sector for China's exports, driving notable growth. As domestic NEVs gradually enter international markets, this sector is expected to positively contribute to exports. However, the impact of policies such as increased tariffs under Trump may affect China's foreign trade market. Additionally, with more enterprises entering the foreign trade sector, market competition has intensified, leading to frequent price competition and a significant decline in export value in 2024.
In 2024, China's total rare earth export value was 3.18 billion yuan. The export volume of rare earths and their products in the first 11 months was 52,100 mt, up 6.6% YoY, but the export value decreased by 36.5% YoY.
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On the import side, China's rare earth import volume in December was 9,644.8 mt, with a total annual import volume of 132,931.0 mt, down 24.4% YoY. The import value was 10.27 billion yuan, down 27.5% YoY. The decline in import volume was mainly due to difficulties in the passage of Myanmar ores and reduced imports of rare earth metal ores. Myanmar mines were suspended from May to mid-September due to natural disasters and conflicts, and imports had not resumed by year-end, leading to a significant drop in imports.
Looking ahead to 2025, overall demand in the rare earth market remains cautious. Market competition is expected to remain intense over the next two to three years, with an increasingly challenging foreign trade environment posing greater challenges for domestic enterprises.
