July exports down 9.01% y/y, up 2.24% m/m

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Exports from January and July up 7.5% y/y

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July imports down 44.28% y/y, down 14.96% m/m

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Jan-July imports down 23.8% y/y

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BEIJING, Aug 7 (Reuters) - China's exports of rare earth minerals rose 2.24% in July from June, customs data showed on Wednesday, as uncertainty over the country's new regulations for the market spurred buying.

The world's largest producer of rare earths last month shipped 4,937 metric tons of the 17 minerals used to make products ranging from magnets in electric vehicles to consumer electronics, data from the General Administration of Customs showed.

That compared with 4,829 tons in June and 5,426 tons in July 2023 when the number jumped 49% from a year earlier amid demand for the production of new energy vehicles and fears that Beijing might impose restrictions on exports.

China unveiled in late June a list of regulations aimed at protecting rare earth supplies in the name of national security, laying out rules on the mining, smelting and trade in the critical materials.

State-backed research house Antaike said last month rare earth exports would likely increase ahead of Oct. 1 when the new regulations take effect.

During the first seven months of 2024, exports climbed 7.5% from the same period a year earlier to 34,032 tons, the customs data showed.

IMPORTS

China's rare earths imports last month slid 44.3% from the prior year to 8,264 tons, bringing the total for January-July to 80,572 tons, a 23.8% fall year-on-year.

"The fall in imports last month is partly because of reduced buying from Myanmar where some miners halted production amid low prices and landslide-related accidents," said Liu Hao, an analyst at consultancy Shanghai Metals Market (SMM).

China's June imports of rare earths from Myanmar tumbled by 27.3% from the month before, instagram growth service customs data showed, and analysts expected July imports from the country to be even lower. (Reporting by Amy Lv and Colleen Howe; Editing by Muralikumar Anantharaman and Mark Potter)