Rare earths trade increased in the European Union by 2022

In 2022, the EU witnessed a significant increase in the import of rare earth elements (REE+).

A total of 18 thousand tonnes were imported, a 9% increase from 2021, and 7 thousand tonnes exported, a decrease of 8% compared with the previous year. The value of imports surged to €146 million, marking a 37% rise compared with 2021, while exports reached €142 million, representing a 2% increase over the previous year.

Rare earth elements are a group of 17 specialty metals with a high supply risk and significant economic importance, used in various high-tech applications.

The average price for imports was €7.9 per kilogram, marking a 26% increase compared with 2021, while the price of the exports was €20.7 for each kilogram of rare earth elements, an increase of 11%.

China: the largest partner for imports of rare earth elements

China was the largest partner for imports of rare earth elements, accounting for 40% of the total weight of imports, or 7.4 thousand tonnes. It was followed by Malaysia, contributing 31% of imports, or 5.6 thousand tonnes, and Russia, with 25% of the imports, or 4.5 thousand tonnes. The United States and Japan each held a 2% share in EU imports of rare earth elements.

This article marks the beginning of the Raw Materials Week, an annual event organised by the European Commission that gathers key stakeholders in the field and provides an overview of ongoing EU activities in this sector.

More information: Eurostat