Rare Earth Element Trade in the EU Drops in 2023
The European Union (EU) imported a total of 18,300 tonnes of rare earth elements (REEs) in 2023, representing a 0.5% decline in volume compared to 2022. The total value of these imports reached â¬123.6 million, down 15.2% year-on-year. Meanwhile, EU exports of REEs also saw a decrease, with 5,600 tonnes shipped out, a drop of 18.7% in volume and 27.8% in value compared to the previous year.
Rare earth elements are a group of 17 critical metals with high supply risk and significant economic importance. These metals are used in a wide range of high-tech applications, including electronics, renewable energy technologies, and military equipment.
The average price for imported REEs in 2023 was â¬6.8 per kilogram, a 14.8% decrease compared to the previous year. The average price for exported REEs was â¬18.4 per kilogram, a 11.2% decrease.
China Remains Key Supplier
China remained the largest supplier of REEs to the EU in 2023, accounting for 39.0% of the total weight of imports (7,100 tonnes). Malaysia followed closely with 33.1% (6,100 tonnes), and Russia contributed 22.0% (4,000 tonnes).
The decline in both import and export volumes of REEs in 2023 highlights the challenges facing the EU in securing a stable and reliable supply of these critical materials. The EU's dependence on China for a significant proportion of its REE imports presents a potential vulnerability.
The figures presented here are extracted from a more detailed analysis of international trade in critical raw materials published by Eurostat, the statistical office of the European Union.
