Chinese exports of rare earth magnets to the US fell sharply last September, in an effort that seems to put pressure on Washington in the midst of commercial tension between both powers. This movement by the Asian giant occurs one week after a meeting between Trump y Xi Jinping at the APEC (Asia-Pacific Economic Cooperation, in English) summit.
Specifically, China sent 420 tons of magnets made with rare earths to the US during the month of September, a volume 29.5% lower so far this year and 28.7% compared to the previous month of August. This decrease contrasts with China’s global exports of this product, which increased 17.5% in the year to 5,773 tons.
Germany was the largest buyer of rare earth magnets made in China, purchasing 1,288 tons, up 27.8% so far this year, followed by South Korea (84.5%) and Vietnam (18.3%). At the same time, exports to Japan increased by 20.8% so far this year to 228 tons.
In this way, China uses its dominant position in the rare earth market to reinforce itself against the United States, a week before the leaders of both powers hold a joint meeting. Beijing plays one of its main cards at a time when the trade war with Washington has experienced new episodes of tension.
