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Investing.com -- China’s outbound shipments of rare earths experienced a significant increase in May, rising 23% from April to reach their highest level in a year. This surge occurred despite Beijing’s export restrictions on certain critical minerals, which resulted in some overseas sales being halted and shortages being felt throughout global manufacturing.
In April, China implemented export curbs on several types of rare earths and rare earth magnets. This move greatly affected parts of the global auto industry and was a key topic during a rare phone call last week between the leaders of the United States and China.
The total exports of all types of rare earths from China, the world’s largest producer, stood at 5,864.60 tons in May, marking a 23% increase from the previous month. This is the highest monthly figure recorded in the past year.
However, not all types of rare earth products that China exports are subject to these restrictions. The data released on Monday does not differentiate among the various types, so a comprehensive understanding of the impact of the curbs will only be possible after a more detailed data release, which is expected on June 20.
According to data released last month, magnet exports from China fell by half in April due to the imposed curbs.
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