China’s exports of rare earth magnets plummeted by more than 50% in May compared to April, reaching their lowest point in over five years.
The sharp decline stems from new export restrictions China imposed in April on rare earth products and magnets.
As the world’s dominant supplier controlling over 90% of global production, China’s export curbs have disrupted supply chains for industries including automotive, aerospace, semiconductors, and military equipment.
While Beijing has promised to expedite approval processes following U.S.-China trade talks, customs officials remain cautious about processing shipments, creating uncertainty for global buyers.