Record rare earth magnet exports from China in 2024
In 2024, China exported a record 58,152 tonnes of rare earth permanent magnets and permanent magnet alloys (nearly all NdFeB, minor SmCo), 10% more than it exported the year prior according to data from China’s General Administration of Customs. The top 10 importing countries last year were responsible for 73% of all imports from China, down from 74% in 2023 but up from 71% in 2022.
Exports surged in the second half
In 2024, China exported a record 58,152 tonnes of rare earth permanent magnets and permanent magnet alloys (nearly all NdFeB, minor SmCo), 10% more than it exported the year prior according to data from China’s General Administration of Customs.
The top 10 importing countries last year were responsible for 73% of all imports from China, down from 74% in 2023 but up from 71% in 2022.
Through the first six months of 2024, exports were rising at an average of 2% year over year. In the second half of the year, this rate increased to 20% year over year. In the fourth quarter alone, growth averaged 24% year over year, helped by a 28% jump in December. A solid arc of growth.
All in, China exported US $2.86 billion worth of rare earth permanent magnets and alloys last year (excluding NdFeB powders ($105M), rapidly solidified sheets ($83M) and other minor forms of NdFeB ($11M)), down 13% from the year prior owing to a fall in rare earth input prices.
As we highlighted in a recent insight, the low rare earth prices of 2024 squeezed the profitability of China’s major rare earth producers to near-zero levels. The late-year surge in NdFeB exports and associated upstream bump in demand for rare earth inputs – namely didymium (NdPr), dysprosium and terbium – have contributed in part to the rare earth price increases observed in 2025 to-date.
Germany leads, India growing fastest
At nearly 11,000 tonnes, Germany remained the largest importer from China in 2024. Despite the weak performance of Europe’s EV market last year, rare earth magnet imports by Germany increased 24% over the year prior, widening its lead over the rest of the pack.
At nearly 7,500 tonnes, the US was the second largest importer from China last year, mostly driven by the automotive industry. US imports increased just 1% over the year prior, reversing the trend of 2023 that saw US imports jump 15% while those of Germany rose just 2%.
At more than 5,800 tonnes, South Korea was the third largest importer from China in 2024, and at nearly 4,750 tonnes, Vietnam was fourth. Interestingly, South Korea now imports nearly three-times as much as Japan each year, despite domestic production from Star Group and Australian Strategic Materials.
At nearly 2,850 tonnes, India was the fifth largest importer of rare earth permanent magnets and magnet alloys from China last year, up a towering 49% over 2023 – the fastest growth among the top five.
Mexico and Hungary on the rise
Rounding off the top 10 were Italy, Mexico, Poland, Japan and Thailand which imported between 1,800 tonnes and 2,500 tonnes each last year. Notably, after falling slightly in 2023, Mexico’s imports jumped 62% last year – the fastest growth among the top 10.
Other notable movers outside the top 10 included France, which saw a 57% decline in imports last year following a spike the year prior, and Hungary, which saw imports more-than-triple last year putting it just outside the top 10.
US and Europe to become more self sufficient
A gradual slowdown in US and European import growth should be expected in the near- to medium-term with MP Materials, Noveon Magnetics, eVAC Magnetics, POSCO-Star Group, USA Rare Earth, Neo Performance Materials and others currently scaling or planning to start domestic magnet production.
With US import tariffs on magnets from China currently at 22.1% and poised to rise to 25% or more from next year, the current outlook for the pipeline of emerging magnet producers outside of China is increasingly strong.
However, import tariffs, which ultimately translate to a tax on consumers, risk eroding the competitiveness of downstream manufacturers in the US and Europe that, in the case of electric vehicles, are already struggling.
Using tariff income to subsidize domestic manufacturers is one way to help mitigate this challenge while continuing to fend off low-priced Chinese magnets.
Alternatively, the outright replacement of import tariffs with a production credit for domestic magnet producers would comparably bolster competitiveness of the magnet value chain without the pain inflicted on manufacturers – a move that would closer echo China’s current playbook.
In 2025, we forecast that global rare earth permanent magnet and alloy imports from China are poised to increase by another ~10%, topping last year’s record as demand for EVs, robotics, advanced air mobility and defense applications continue to soar higher.
More on this topic at Rare Earth Mines, Magnets & Motors 2025
Join us in Toronto in September 2025 for Rare Earth Mines, Magnets & Motors 2025 where we’ll explore this topic further with leading industry experts.
The two-day event will bring together business and technical leaders from across the global mine-to-OEM supply chain for high caliber discussions and networking at a 5-star venue.
Key themes of this year’s conference will include robotics, automation, advanced air mobility, and the emerging mine-to-magnet supply chain coming together upstream.
Special guest: Steve Wozniak, co-founder of Apple
More information: www.adamasevent.com
