November 14, 2023
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.
Source: Eurostat
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