A total of 18.300 tonnes of rare earth elements were imported into the EU in 2023, valued at €123,6 million, with imports down 0,5% in volume and 15,2% in value compared to 2022 , according to data released by Eurostat, the statistical agency of the European Union.
At the same time, in 2023, exports of 5.600 tons of rare earth elements, worth 102,3 million euros, were recorded, corresponding to a decrease in imports by 18,7% in volume and by 27,8% in value compared to 2022.
Rare earths are a group of 17 special metals for which high risks are observed in terms of security of supply, and which are of great economic importance as they are used in advanced technology industries.
The average import price for rare earths in 2023 was €6,8 per kilogram, 14,8% lower than in 2022, while the export price was €18,4 for each kilogram of rare earths, down 11,2, XNUMX%.
The largest import partner for rare earth elements in 2023 was China, which accounted for 39,0% of the total import weight or 7.100 tonnes. This was followed by Malaysia, which contributed 33,1% of imports, or 6.100 tonnes, and Russia, with 22,0% of imports, or 4.000 tonnes.