In recent years, China has strengthened its position as the main supplier of rare earth elements for European Union countries, while Russia has lost its share in this market.
This is reported by Finway
In 2020, EU countries imported 10,700 tons of rare earth elements worth €72.3 million. More than half of the imports were supplied by Russia, amounting to €9.9 million. China’s share at that time was 43%, while other countries accounted for only 6.5%.
In 2021, the volume of rare earth element imports increased to 16,900 tons worth €106.5 million. Russia’s share decreased to 27.2%, while China’s share fell to 35.5%, despite the increase in supply volumes.
Rare Earth Element Imports in 2022
The highest level of rare earth element imports by the EU was recorded in 2022 – 18,400 tons worth €145.7 million. China’s share rose to 40.2%, while Russia’s share decreased to 24.5%. Other countries accounted for 35.3% of total imports.
Data for 2024
In 2024, the EU imported 12,900 tons of rare earth elements worth €101.5 million. China’s share rose again to 46.5%, while Russia’s share increased to 28.7%. Meanwhile, imports from other countries decreased to 24.8%.