Republished with full copyright permissions from The San Francisco Press.

The European Union (EU) experienced a notable surge in the import of rare earth elements (REE+) in the year 2022. According to data from Eurostat extraction, a total of 18 thousand tonnes of REE+ were imported, indicating a 9% increase compared to the previous year. Conversely, 7 thousand tonnes were exported, showing a decrease of 8%.

REE+ are a group of 17 specialty metals that possess high economic significance and are vital for various high-tech applications. With a growing supply risk, the EU has been closely monitoring the import and export trends of these elements.

Amidst this scenario, the value of imports in 2022 spiked to €146 million, reflecting a substantial 37% rise from the previous year. On the other hand, exports reached €142 million, indicating a moderate 2% increase.

Impressively, the average price for imports of rare earth elements stood at €7.9 per kilogram, representing a significant 26% surge compared to 2021, while the export price amounted to €20.7 per kilogram, reflecting an 11% increase.

China emerged as the largest partner for REE+ imports, accounting for 40% of the total weight of imports, equivalent to 7.4 thousand tonnes. Malaysia followed closely, contributing 31% with 5.6 thousand tonnes, while Russia held a 25% share with 4.5 thousand tonnes. The United States and Japan each had a 2% share in the EU’s imports of rare earth elements.

These statistics come as Europe launches its annual Raw Materials Week—an event organized by the European Commission to bring together key stakeholders in the field and provide insights into ongoing EU initiatives within this sector. The import and export trends of REE+ play a crucial role in shaping discussions during this significant event.

Rare earth elements, defined under the Combined Nomenclature (CN) classification, consist of seventeen chemical elements in the periodic table, including lanthanides, scandium, and yttrium. These elements find extensive application in everyday technologies such as cellphones, computers, advanced medical equipment like MRIs and laser scalpels, as well as defense technologies like satellite communications and aircraft structures. They are also instrumental in supporting green technologies, particularly those aligned with net zero carbon emissions goals, such as wind turbines and electric vehicles.

The import of rare earth elements experienced a notable increase in the EU during 2022. With China leading the way as the primary partner, the economic significance and supply risk associated with these elements are critical aspects of discussion during the Raw Materials Week. As the EU continues to monitor these trends closely, fostering sustainable strategies and ensuring a stable supply of rare earth elements remains a key priority in supporting various industries and technological advancements.