Rare Earth Magnets Export by China: The effect of the deal between China and America has started showing. China has exported the highest number of rare earth magnets to America in June.

China's double standard regarding the export of rare earth magnets has come to the fore. According to a Reuters report, China exported more rare earth magnets to the US in June than to India in May. Rare earth magnets are used in many electronic devices including electric vehicles and wind turbines. The increase in exports to the US has come after a trade agreement with China.

According to the data of the General Administration of Customs, the export of rare earth magnets from China to the US reached 353 metric tons in June. This is a massive increase of 660% compared to May. That means, the exports in June were seven times more than in May. On the other hand, exports to India were only 172 metric tons. There was a growth of only 14% in this compared to May.

Why did exports to America increase?

The surge in exports to the US comes after some agreements were reached in June to resolve issues related to shipments of rare earth minerals and magnets. Chipmaker Nvidia is also planning to resume sales of its H20 AI chips to China. This is all part of the agreement.

How much export to which country?

China exported the most rare earth magnets to Germany in June. China exported 764 metric tons of rare earth magnets to Germany. It increased by 267 percent compared to May.

The highest increase in exports was to Poland. China exported 738 percent more rare earth magnets to Poland in June compared to May. America followed. At the same time, India was at the bottom among the top 10 countries in terms of maximum exports (in percentage).

Exports were stopped in April

China, which produces more than 90% of rare earth magnets, banned the export of some rare earth metals in early April in response to tariffs imposed by the US.

Shipments fell sharply in April and May due to the time taken to obtain export licenses. This disrupted supply chains around the world, including India and the US. Some automobile companies outside China had to halt production due to a shortage of rare earths. This includes Indian companies.

PC:NBT