China’s rare earth magnet exports to US plunge 29% as tensions simmer
The decline in Chinese shipments to the US accelerated in September, predating Beijing’s new export controls and the flare-up that followed
The decline in China’s exports of rare earth magnets to the United States accelerated in September – a period predating Beijing’s expansion of controls over the flow of the critical minerals – an indication the prized items remain a major battleground in the ongoing trade war between the world’s two largest economies.
China’s total exports to the US of the permanent magnets – essential components in manufacturing for several hi-tech industries, including electric vehicles and defence – reached 420.5 tonnes last month, down 28.7 per cent from August, according to data released by Beijing’s General Administration of Customs on Monday.
On a year-on-year basis, rare earth magnet shipments to the US were also down by 29.5 per cent in September, after falling 11.9 per cent in August, according to the data released on Monday.
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The US was the fourth-largest recipient of Chinese rare earth magnets last month – after Germany, South Korea and Vietnam – down from second in August and accounting for 7.3 per cent of total exports in volume terms.