According to the Zhitong Finance APP, on October 23, Antaike released an analysis of China's rare earth import and export situation for the first three quarters of 2025. According to customs statistics, the overall import and export volume of China's rare earth products showed a year-on-year decline trend in the first three quarters of 2025. In the first three quarters of 2025, affected by multiple factors such as the international trade situation and domestic rare earth export controls, China's rare earth product exports exhibited certain fluctuations, but it remains the main supplier of rare earth products, making an important contribution to ensuring the stability of the global rare earth product supply chain.
Import Situation Analysis
In terms of import quantity, from January to September, China imported a total of 23,500 tons of rare earth concentrates, a year-on-year decrease of 45.6%. The import volume of rare earth concentrates from the United States accounted for 99.3% of China's total rare earth concentrate imports. After MP Materials in the U.S. announced the suspension of rare earth concentrate exports in April, there were no exports of rare earth concentrates to China in June, August, and September; the total import of rare earth smelting separation products was nearly 55,000 tons, a year-on-year decrease of 6.6%, of which the total import of rare earth metals and alloys was about 129.5 tons, a year-on-year decrease of 57.8%; the total import of rare earth oxides was 41,000 tons, a year-on-year decrease of 0.4%; the total import of rare earth compounds was about 14,000 tons, a year-on-year decrease of 20.4%; and the total import of rare earth permanent magnet materials was 1,329.8 tons, a year-on-year decrease of 7.7%.
Table 1 Import Situation of China's Rare Earth Products from January to September 2025 (Unit: tons, USD ten thousand)
<img src="https://imageproxy.pbkrs.com/http://img.zhitongcaijing.com/images/contentformat/204a5e0dc98a8edb8367b400ac130aeb.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/http://img.zhitongcaijing.com/images/contentformat/204a5e0dc98a8edb8367b400ac130aeb.jpg"/>
Data Source: General Administration of Customs, Antaike
In terms of import varieties, from January to September, the import of rare earth metals and alloys was mainly composed of other rare earth metals, scandium, and yttrium, which were mixed or fused together, accounting for 77.3%; among the imports of rare earth oxides, the share of unnamed rare earth oxides was the largest, accounting for 98.3%; the import of rare earth compounds was led by mixed rare earth carbonates, accounting for 49.5%, followed by other unnamed rare earth metals and their mixtures, accounting for 35.9%, and mixed rare earth chlorides ranked third, accounting for 9.3%.
Table 2 Main Varieties and Regional Proportions of Rare Earth Smelting Products Imported from January to September 2025
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Data Source: General Administration of Customs, Antaike
In terms of import regions, from January to September, China's imports of rare earth metals and alloys mainly came from Vietnam, accounting for about 81%; the imported rare earth oxides mainly came from Myanmar and Laos, accounting for 61.8% and 29.3%, respectively; the imported rare earth compounds mainly came from Malaysia and Myanmar, accounting for 64.3% and 18.2%, respectively
Analysis of Export Situation
From January to September, China exported a total of 48,000 tons of rare earth smelting and separation products, a year-on-year increase of 10.9%. The cumulative export of rare earth permanent magnet materials was 40,000 tons, a year-on-year decrease of 7.5%.
In terms of the export volume of rare earth smelting and separation products, from January to September, China exported a total of 7,520.2 tons of rare earth metals and alloys, a year-on-year increase of 4.0%; exported 24,000 tons of rare earth oxides, a year-on-year increase of 38.0%; and exported 16,000 tons of rare earth compound products, a year-on-year decrease of 12.4%.
Table 3 Export Situation of China's Rare Earth Products from January to September 2025 (Unit: tons, USD ten thousand)
<img src="https://imageproxy.pbkrs.com/http://img.zhitongcaijing.com/images/contentformat/5485c346c61c8309fc395f57c856c71f.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/http://img.zhitongcaijing.com/images/contentformat/5485c346c61c8309fc395f57c856c71f.jpg"/>
Data Source: General Administration of Customs, Antaike
From the perspective of export varieties, from January to September, in the export of China's rare earth metals and alloys, other rare earth metals, scandium, and yttrium, which are mixed or fused together, had the largest export volume at 3,867 tons, accounting for 51.4%; in the export of rare earth oxides, lanthanum oxide had the largest export volume at 13,000 tons, accounting for 53.0%, followed by unnamed rare earth oxides, accounting for 26.5%; in the export of rare earth compounds, cerium carbonate had the largest export volume at 4,821 tons, accounting for about 30.3%, followed by lanthanum carbonate and mixed rare earth chlorides, accounting for 20.3% and 10.9%, respectively.
Table 4 Main Varieties and Regions of Rare Earth Smelting Product Exports from January to September 2025
<img src="https://imageproxy.pbkrs.com/http://img.zhitongcaijing.com/images/contentformat/d046e909aa217ba9d80f83aec25a467a.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/http://img.zhitongcaijing.com/images/contentformat/d046e909aa217ba9d80f83aec25a467a.jpg"/>
Data Source: General Administration of Customs, Antaike
From the perspective of export destinations, from January to September, Japan was the largest export destination for China's rare earth metals and alloys, accounting for 59.3%; the main export destinations for rare earth oxides were the United States and Japan, accounting for 40% and 31.2%, respectively; the main export destinations for rare earth compounds were the Netherlands, the United States, Taiwan, and Japan, accounting for 25.3%, 18.9%, 16.4%, and 13.9%, respectively.
Analysis of Factors Affecting Rare Earth Product Trade
In the third quarter, with the continuous adjustment of Sino-U.S. economic and trade policies, the export of China's rare earth products also fluctuated. In July, China exported 12,000 tons of rare earth products (including magnetic materials, the same below), a month-on-month increase of 5.9%; in August, the export volume of rare earth products was 11,000 tons, a month-on-month decrease of 1.8%; in September, the export volume of rare earth products was 9,774 tons, a month-on-month decrease of 14.0%.
From January to September, China exported approximately 17,000 tons of rare earth products to the United States, a year-on-year increase of 1.5%. Among them, the export of rare earth smelting and separation products to the United States was 13,000 tons, a year-on-year increase of 14.0%; the export of magnetic materials to the United States was 4,142 tons, a year-on-year decrease of 24.4%
<img src="https://imageproxy.pbkrs.com/http://img.zhitongcaijing.com/images/contentformat/13f59ae67fd1f02e9e2334f11e18f33b.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/http://img.zhitongcaijing.com/images/contentformat/13f59ae67fd1f02e9e2334f11e18f33b.jpg"/>
Figure 1 Export volume of China's rare earth smelting and separation products to the United States
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Figure 2 Export volume of China's rare earth permanent magnet products to the United States
By product, the rare earth permanent magnet products containing terbium and dysprosium are most affected by export control policies. From January to September, China's cumulative export volume of rare earth permanent magnet products to the U.S. was 4,141.8 tons, a year-on-year decrease of 24.0%. Overall, although the trade situation between China and the U.S. eased in the third quarter compared to the second quarter, with a quarter-on-quarter increase of 152.4% in magnet material exports, it still decreased by 12.2% compared to the same period last year.
From January to September, China's exports of rare earth smelting and separation products to the United States increased by 14.0% year-on-year, reaching 13,000 tons, mainly consisting of light rare earth products related to lanthanum and cerium. Among them, the export volume of four products: lanthanum oxide, lanthanum chloride, lanthanum carbonate, and cerium carbonate to the U.S. was 10,000 tons, a year-on-year increase of 37%, accounting for about 79%. The export volume of other rare earth smelting and separation products, excluding the aforementioned four products, reached 2,733.4 tons in the first nine months of this year, a year-on-year decrease of 30%. This part of the products is mainly related to medium and heavy rare earth items subject to export controls.
<img src="https://imageproxy.pbkrs.com/http://img.zhitongcaijing.com/images/contentformat/31dfb80301c450fb245fd4cd298a8f91.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/http://img.zhitongcaijing.com/images/contentformat/31dfb80301c450fb245fd4cd298a8f91.jpg"/>
Figure 3 Export volume of China's rare earth smelting and separation products to the United States
(Excluding lanthanum oxide, lanthanum chloride, lanthanum carbonate, cerium carbonate)
In summary, in the first three quarters of 2025, affected by multiple factors such as the international trade situation and domestic rare earth export controls, China's rare earth product exports showed certain fluctuations, but it remains the main supplier of rare earth products, making an important contribution to ensuring the stability of the global rare earth product supply chain

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In the first three quarters of 2025, the import and export volume of rare earth products in China showed a general downward trend compared to the same period last year, affected by the international trade situation and domestic export controls. Despite the fluctuations in exports, China remains a major supplier of rare earths, ensuring the stability of the global supply chain. On the import side, the import volume of rare earth concentrates and metals has significantly decreased, especially the imports of rare earth concentrates from the United States, which have nearly come to a standstill

Antaike: In the first three quarters of 2025, the overall import and export volume of rare earth products in China shows a year-on-year decline trend