BEIJING: China‘s exports of rare-earth magnets rose to the second-highest level on record in November, the first full month after the US and China agreed to streamline exports of the elements.
Exports hit 6,150 metric tons in November, according to customs data released on Saturday, up 12 per cent from October and the highest since the record 6,357 tons in January.
China restricted exports of the specialised magnets used in weapons, cars and phones in April during the trade war unleashed by US President Donald Trump, bringing parts of the global supply chain to a halt.
Trump said on October 30 that he and Chinese leader Xi Jinping had agreed at a summit in South Korea to keep rare earths exports flowing in a deal in which he trimmed tariffs on Chinese goods.
China’s export volumes have steadily recovered after a series of diplomatic deals culminating in the Trump-Xi summit, which included a special category meant to speed up shipments.
China’s rare-earth magnet exports to the U.S. totalled 582 metric tons in November, down 11 per cent from the month before but within the average range since July.
Exports to Japan, embroiled in a diplomatic spat with Beijing, grew 35 per cent to 305 metric tons, the highest this year.
For the first 11 months of the year, rare-earth magnet exports fell 2% on year to 51,440 tons. — REUTERS
© New Straits Times Press (M) Bhd
