玩法已经变了？中国大量进口稀土，逆差近4万吨，90亿元了

Core Insights - China remains a dominant player in the rare earth market, being a major producer and exporter, which has led to significant reliance from countries like Japan, the US, and the EU on Chinese exports [1] - In 2025, China's rare earth exports reached 62,600 tons with a total export value of 3.66 billion yuan, marking an 11-year high, while imports surged to 101,000 tons valued at 12.88 billion yuan, indicating a substantial trade deficit in rare earths [3][5] - The average import price of rare earths in China was 12.8 million yuan per ton, significantly higher than the export price of 5.85 million yuan per ton, suggesting a shift in trade dynamics [5][7] Trade Dynamics - The data indicates that China is importing more rare earths than it is exporting, with a deficit of nearly 40,000 tons and over 9 billion yuan in value, challenging the traditional narrative of processing imported materials for export [3][7] - This trend suggests that China is not merely engaging in processing trade but is actively accumulating rare earth resources, potentially for strategic reserves [7][9] Strategic Implications - The rarity and non-renewable nature of rare earths make them crucial for modern technology, prompting countries like Japan to stockpile these resources, which may influence China's own strategies in managing its rare earth exports and imports [9] - By maintaining a balance of exports while increasing imports, China can satisfy global demand, build internal reserves, and reduce its own extraction rates, promoting sustainable resource management [9]