China's rare earth exports witnessed a substantial rebound in May, ahead of critical US-China trade negotiations. According to reports from Bloomberg and Reuters, Chinese customs data revealed that exports of these vital minerals reached 5,865 tons, marking a 23% increase from April. This figure represents the highest monthly export volume in the past year.
From January to May, China's rare earth exports totaled 24,827 tons, a 2.3% increase compared to the same period in the previous year. However, the data released does not encompass rare earth magnets, crucial components in electric vehicles and hard drives, leaving a gap in the overall export statistics. The full export volume, including all rare earth products, is expected to be disclosed on June 18, with detailed information on export destinations following on June 20.
China, which controls 70% of the global rare earth supply, finds itself at the center of the ongoing trade tensions with the United States. During high-level trade discussions in Geneva last month, both countries agreed to a significant reduction in tariffs over a 90-day period, and China committed to lifting certain non-tariff measures. However, the United States accused China of breaching the agreement by maintaining export restrictions on key minerals and rare earths, an allegation China has denied.
In April, China's rare earth exports to the US fell sharply to approximately 1,700 tons, a 37% decrease from the previous month. Notably, exports of rare earth magnets to the US plummeted by 58% to 246 tons, contributing to an overall 51% decline in total rare earth magnet exports to 2,600 tons.
The rare earth issue was a focal point in a recent phone conversation between US President Donald Trump and Chinese President Xi Jinping, where both leaders agreed to resume trade negotiations. As the trade talks progress, the handling of rare earth exports remains a critical and contentious issue between the two economic powerhouses.
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