China's exports of rare earth magnet to the US in June soared to more than seven times their May level,marking a sharp recovery in the flow of critical minerals used in electric vehicles and wind turbines after a China-US trade deal,Reuters reported on Sunday.
That came after China-US pacts reached in June to resolve issues around shipments of rare earth minerals and magnets to the US,the report claimed.
China maintained its positive trend in rare earth magnet exports to the US in June,according to data released by the General Administration of Customs(GAC)on Sunday.This underscores the country's role as a responsible major supplier dedicated to ensuring the security and stability of global industrial and supply chains,an industry veteran said.
China exported 352.8 metric tons of rare earth magnets to the US in June,according to data released by the GAC.Reuters reported that China's exports of rare earth magnets to the US in June soared to more than seven times their May level.
The corresponding value of rare earth magnets exports to the US was$16.08 million in June,compared with$2.42 million in May,data from the GAC showed.
In general,China's exports of rare earths to foreign countries expanded in June,maintaining a growth momentum from the previous month.
In June,China exported 7,742.2 metric tons of rare earths,according to the GAC,up 32 percent from the previous month and 60.3 percent from June 2024.
China's exports of rare earths in June climbed to the highest volume since 2009,Bloomberg reported on Monday,citing official data.
China takes a responsible stance on regulating rare-earth exports,trying to promote global civilian use while curbing potential military applications and minimizing security concerns,Wu Chenhui,an independent analyst specializing in the critical minerals sector,told the Global Times.Rare earths have both civilian and military applications,and therefore taking export controls is consistent with international norms,Wu said.
Wu said China has approved and supported some export requests in accordance with applicable rules,and the positive export trend demonstrates the nation's role as a responsible major supplier dedicated to ensuring the security and stability of global industrial and supply chains.
At a regular press conference on June 26,He Yadong,a spokesperson of the Chinese Ministry of Commerce,said China has been accelerating the approval process of rare-earth export licenses in line with laws and regulations,and it has approved a number of compliant applications,and will continue to strengthen the approval process for compliant applications.
Asked to comment on claims made by some Western officials against China's regulations on rare earths on June 18,Chinese Foreign Ministry spokesperson Guo Jiakun stressed that"given the dual-use nature of rare earth-related items,China has taken relevant measures in accordance with the regulations on export control of dual-use items,which is consistent with international practices and does not target any specific country."
Guo added that China stands ready to work with relevant countries and regions to enhance dialogue and cooperation on export control,uphold the WTO rules and the multilateral trade system,and keep the global economic order stable.
