China's October rare earth exports declined sharply by 37.1% on year

SHANGHAI, Nov 10 (SMM) — China's rare earth exports in October stood at 2,288.3 mt, down 37.1% from a year earlier, but up 14.2% from September. China's rare earth exports in September stood at 2,003.3 mt. Exports from January to October declined 28.4% year over year to 28,668.9 mt. Exports from January to October in 2019 stood at 40,037.2 mt.

China's rare earth exports basically stopped falling in August from the previous month. China's rare earth exports in August slightly rose 1.36% to 1,640 mt from the previous month. The export volume has increased month on month since September. The export volume of rare earth increased 22% month on month in September and 14% month on month in October, but still declined 44% and 37% year on year.

Global economy has been seriously affected by COVID-19 this year, and the rate of resuming work in overseas downstream markets has remained low, which is the main reason for the year-on-year decrease in China's rare earth exports. With the end of the summer season in July and August overseas, the export volume increased from the previous month, meeting expectations.