November 25, 2019 / 11:04 AM / 14 days ago

China's rare earth magnet exports to U.S. in October jump 21.7% month-on-month

BEIJING (Reuters) - China’s exports of rare earth magnets to the United States in October jumped 21.7% month on month to 477 tonnes, their highest level since at least 2016, General Administration of Customs data showed on Monday.

U.S.-bound shipments of the magnets, which are widely used in medical devices, consumer electronics and defense, were also 55.9%.

China, the world’s top producer of rare earth magnets, in May raised the prospect of restricting the supply of rare earth products in its trade war with Washington but has since raised annual output quotas to record highs.

Rare earth exports to all countries came in at around 3,091 tonnes in October, up 5.4% from September and up 22.9% year on year.

China’s overall rare earth exports in October totaled 3,639 tonnes, up 1.9% from September, customs data released on Nov. 8 showed.

Reporting by Tom Daly and Min Zhang; editing by Jason Neely

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