European Trade in Rare Earth Elements Declines in 2023

Highlights

• In 2023, the EU imported 18,300 tonnes of rare earth elements valued at €123.6 million, representing a 0.5% decrease in volume from 2022.
• China remains the largest import partner, contributing 39% of rare earth element imports, though Western governments are strategizing to reduce dependency.
• Rare earth elements are critical for high-tech applications including cellphones, medical technologies, defense systems, and green technologies like electric vehicles and wind turbines.

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A total of 18 300 tonnes of rare earth elements (opens in a new tab) (REE+) valued at €123.6 million were imported (opens in a new tab) to the EU (opens in a new tab) in 2023, marking a decrease of 0.5% in volume and 15.2% in value compared with 2022. During this period 5 600 tonnes of rare earth elements valued at €102.3 million were exported (opens in a new tab) from the EU, a decrease of 18.7% in volume and 27.8% in value compared with 2022. 

A group of 17 specialty metals with a high supply risk and significant economic importance, REEs are 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 (opens in a new tab).

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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% according to the report from Eurostat.

39% of rare earth elements imports came from China, representing an ongoing trend downward.  Of course, most processing still occurs in China however governments in the West all have strategies to reduce dependency on Chinese REE processing.

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. 

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Methodological notes

REE+ are a set of 17 chemical elements in the periodic table, specifically the 15 lanthanides plus scandium and yttrium. They are used in everyday technologies like cellphones and computers but also in advanced medical technologies like MRIs, laser scalpels and even some cancer drugs. In defense applications, they are used in satellite communications, guidance systems and aircraft structures. They are critical in several green technologies, especially those that support net zero carbon emissions goals, like wind turbines and electric vehicles. Rare earth elements defined by the combined nomenclature (opens in a new tab) (CN) classification are the following:

• 28053010 (opens in a new tab) – Intermixtures or interalloys of rare-earth metals, scandium, and yttrium.
• 28053040 (opens in a new tab) – Scandium, of a purity by weight of >=95% (excl. intermixtures and interalloys).
• 28053080 (opens in a new tab) – Rare-earth metals, scandium, and yttrium, of a purity by weight of <95% (excl. intermixtures and interalloys).
• 28461000 (opens in a new tab) – Cerium compounds.
• 28469030 (opens in a new tab) – Scandium compounds, inorganic or organic.
• 28469090 (opens in a new tab) – Compounds of mixtures of rare-earth metals, yttrium, and scandium, inorganic ororganic.
• 28053021 (opens in a new tab) – Cerium and lanthanum, of a purity by weight of >=95% (excl. intermixtures and interalloys).
• 28053029 (opens in a new tab) – Praseodymium, neodymium, and samarium, of a purity by weight of >=95% (excl. intermixtures and interalloys).
• 28053031 (opens in a new tab) – Gadolinium, terbium, and dysprosium, of a purity by weight of >=95% (excl. intermixtures and interalloys).
• 28053039 (opens in a new tab) – Europium, holmium, erbium, thulium, ytterbium, lutetium, and yttrium, of a purity by weight of >=95% (excl. intermixtures and interalloys).
• 28469040 (opens in a new tab) – Lanthanum compounds, inorganic or organic.
• 28469050 (opens in a new tab) – Compounds of praseodymium, neodymium, or samarium, inorganic or organic.
• 28469060 (opens in a new tab) – Compounds of gadolinium, terbium, or dysprosium, inorganic or organic.
• 28469070 (opens in a new tab) – Compounds of europium, holmium, erbium, thulium, ytterbium, lutetium, or yttrium, inorganic or organic.