安泰科：2025前三季度我国稀土产品进出口量总体呈同比下降趋势

Core Viewpoint - In the first three quarters of 2025, China's rare earth import and export volumes showed a year-on-year decline, influenced by international trade dynamics and domestic export controls, yet China remains the primary supplier of rare earth products, contributing significantly to the stability of the global supply chain [1][21]. Import Situation Analysis - From January to September 2025, China imported a total of 23,537.7 tons of rare earth concentrates, a decrease of 45.6% year-on-year, with 99.3% of these imports coming from the United States [2][3]. - The import of rare earth metals and alloys was approximately 129.5 tons, down 57.8% year-on-year, while rare earth oxides totaled 41,346.6 tons, showing a slight decrease of 0.4% [3][4]. - The main sources of rare earth imports included Vietnam for metals and alloys (81%), Myanmar for oxides (61.8%), and Malaysia for compounds (64.3%) [7]. Export Situation Analysis - In the same period, China exported 48,000 tons of rare earth separation products, marking a 10.9% increase year-on-year, while exports of rare earth permanent magnets decreased by 7.5% [8][9]. - The export of rare earth metals and alloys reached 7,520.2 tons, up 4.0%, and rare earth oxides increased by 38.0% to 24,151.3 tons [9][11]. - Japan was the largest export destination for rare earth metals and alloys, accounting for 59.3% of the total, while the United States received 40% of the rare earth oxides [14]. Trade Influencing Factors - The trade of rare earth products has been affected by ongoing adjustments in Sino-U.S. economic policies, leading to fluctuations in export volumes [15][21]. - Despite a slight recovery in the third quarter, the overall export of rare earth permanent magnets to the U.S. saw a significant decline of 24.0% year-on-year [18][21]. - The export of rare earth separation products to the U.S. increased by 14.0%, primarily driven by light rare earth products such as lanthanum and cerium [18].