Analysis of China Rare Earth Import and Export in December 2022

SHANGHAI, Jan 30 (SMM) - According to China Customs, Chinese import volume of rare earth metal ore was 4,642 mt in December 2022, a year-on-year increase of 11% and a month-on-month increase of 22%. In 2022, the imports totalled 77,000 mt, a year-on-year increase of 1%.

China’s imports of unlisted rare earth oxides came in at 3,682 mt in December, a year-on-year decline of 19% but a month-on-month increase of 183%. The imports totalled 14,000 mt in 2022, down 36% year on year. China’s exports of unlisted rare earth oxides came in at 346 mt in December 2022, with a year on year decline of 18%, but a month on month increase of 18%. The exports totalled 535,200 mt in 2022, down 36% year on year.

In December, more than 90% of China's unlisted rare earth oxides were imported from Myanmar. As the customs that were previously blocked due to the pandemic have been reopened, the imports of rare earth from Southeast Asia increased in December 2022. The exported goods mainly flowed to the developed countries such as Japan and the United States. Among them, 95 mt was exported to Japan, down 87 mt from November, and 67 mt was exported to the United States, up 34 mt from November.

The imports of mixed rare earth carbonates totalled 21 mt in December 2022, and the exports totalled 1,538 mt, down 65% year on year.

On the whole, from January to December in 2022, China exported a total of about 49,000 mt of rare earth, a year-on-year decrease of 0.4% while the export value reached $650 million, a year-on-year increase of 63%. From the above data, it can be seen that the prices of rare earth in China increased significantly in 2022. However, at present, the rare earth industry is still integrating, and the terminal industry is developing rapidly. As such, it is expected that the prices of rare earth may increase this year.