China’s Global Exports of Rare Earth Elements and Rare Earth Permanent Magnets

The key to understanding the global impact of China’s sweeping new export controls on rare earths and equipment lies in tracking the trade patterns for rare earths and magnets that preceded China’s October 9 measures.

The measures include new license requirements for five additional rare earths (holmium, erbium, thulium, europium, and ytterbium) and for downstream products such as magnets. China also extended licensing requirements to overseas producers of certain products that use Chinese inputs of rare earths or rare earth processing equipment and banned exports to certain end users.

Silverado Policy Accelerator’s updated dashboard on China’s rare earth exports through August 2025 shows the impact of the April 2025 export restrictions—offering an essential baseline for understanding what may follow under China’s October 9 measures.

The latest data show that most exports were rebounding back to historical levels, but that gaps remain. More specifically:

• China’s total global exports of rare earths subject to export controls (and for which trade data are available) increased to more historical (pre-April 2025) levels. However, exports of some rare earths remain well below historical levels and the geographic distribution of exports is more highly concentrated.
• More specifically, China’s shipments of yttrium oxide, dysprosium oxide, and terbium oxide are recovering, but exports of lutetium oxide (used in medical devices, electronics, and cancer treatments) remain miniscule.
• China’s global exports of rare earth permanent magnets increased in August to their highest monthly level since January, with the level of exports to various regions—including the United States—reflecting a return to more historical trends.