In October, China's shipments of rare earth permanent magnets to the United States rose to their highest level in nine months, while exports to the EU decreased. The increase occurred amid easing trade tensions between Beijing and Washington, according to the South China Morning Post, as reported by UNN.
Details
Shipments of Chinese permanent magnets to the United States jumped by 56.1% in October to 656.3 tonnes, compared to 420.5 tonnes in September. According to China's customs administration, the US became the second-largest buyer of these magnets last month, receiving 12% of the total export volume. Only Germany purchased more.
South Korea became the third-largest market, Vietnam the fourth, and India the fifth. In contrast to the US, the volume of Chinese permanent magnet exports to the European Union decreased in October compared to September. The reasons for the decline were not specified in the data.
China remains the world's largest producer and supplier of permanent magnets, which are widely used in high-tech equipment, particularly in electric vehicles and defense systems. The country also controls most of the world's rare earth processing capacity, ensuring its dominance in this market.
October data indicates a shift in trade dynamics: the US shows increasing demand for Chinese rare earth magnets, while demand in the EU has decreased. The increase in shipments to America became possible after the easing of trade tensions at the end of the month.
Recall
Beijing calls on the US for de-escalation of the conflict and negotiations based on mutual respect. China is ready to defend its interests and is not afraid of a trade war.