JAKARTA - Rare earth magnet exports from China to the United States experienced a significant decline in November.
Based on Chinese customs data, reported by Bloomberg, Saturday, December 20, the shipment of magnets only reached around 582 tons, down 11 percent from the previous month's 656 tons.
The decline has come under the spotlight amid the still-tense trade relationship between the world's two largest economies.
The decline in exports occurred despite a temporary trade truce between China and the US.
Analysts assess that there are no signs of a quick recovery in the delivery of this strategic commodity. Rare earth magnets are key components in various high-tech industries, such as electric vehicles, wind turbines, and military equipment, so fluctuations in exports always get global attention.
Separate data showed that China's overall rare earth product sales actually grew month-on-month. However, the dominant magnet category still showed a downward trend specifically to the US market. This reflects the complex trade dynamics, in which China as the world's dominant producer continues to control the supply of rare materials.
This situation has the potential to affect global supply chains and encourage countries such as the US to accelerate the diversification of rare earth sources. Economic observers predict that continued trade tensions could make the price of rare earth magnets more volatile in the international market in the coming year.
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