Trade in rare earth elements decreased in 2023

A total of 18 300 tonnes of rare earth elements (REE+) valued at €123.6 million were imported to the EU in 2023, marking a decrease of 0.5% in volume and 15.2% in value compared with 2022.

At the same time, 5 600 tonnes of rare earth elements valued at €102.3 million were exported from the EU, a decrease of 18.7% in volume and 27.8% in value compared with 2022.

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.

This article presents a handful of findings from a more detailed Statistics Explained article on international trade in critical raw materials.

Imports and exports of rare earths elements, scandium and yttrium, columns: 1000 tonnes; and lines: €/kg, EU, 2021-2023. Line and bar chart. See link to full dataset below.

Source dataset: Eurostat extraction

The average price for imports or rare earth elements was €6.8 per kilogram, 14.8% less than in 2022, while the price of the exports was €18.4 for each kilogram of rare earth elements, a decrease of 11.2%.

39% of rare earth elements imports came from China

China was the largest partner for imports of rare earth elements, accounting for 39.0% of the total weight of imports, or 7 100 tonnes. Malaysia followed, contributing 33.1% of imports, or 6 100 tonnes, and Russia, with 22.0% of the imports, or 4 000 tonnes.

Rare earth elements imports to EU, % of total weight, 2023. Infographic. See link to full dataset below.