USA's rare earth metals overview

 

The United States is the second leading market in terms of rare earth metals production after China. During the financial year 2022, the United States was responsible for over 14% share. Whereas, China covers over 70% share in the global rare earth metals market. Australia, Myanmar, and Thailand are other major rare earth metals producers in the world.

The United States is the 3rd leading rare earth metals exporter in the world. According to the US export data report, around 42,000 million tons of rare earth metals were exported from the United States during the fiscal year 2022. These include cerium, yttrium, scandium, neodymium, iron, silicon compounds.

During that fiscal year, the USA has exported over $342 million worth of rare earth metals. Whereas in FY 2021, the country’s exports of rare earth metals totaled to $302 million. China was the leading market for the USA’s rare earth metals exports accounting for 85% share of USA’s overall rare earth metals exports.

US import export data shows that China imported over $273 million worth of rare earth metals. Taiwan was the second leading importer of rare earth metals from the United States having over 6% market share. Also, there were some noticeable amounts of rare earth metals exports to South Korea, Japan, Germany, Switzerland and Estonia.

Xometry, Nucor Corporation, Freeport-McMoRan, United States Steel Corporation and Alcoa Corporation are some of the top metal export companies from the United States. USA’s silicon exports excelled during last year. US customs data reflects that the value was estimated to be $1.4 billion with exports mostly to China, Mexico and Canada.

In terms of imports, the USA stands 4th on the list of top rare earth metals importers in the world. The imports were merely $18 million for the financial year 2022. China and Japan were the top rare earth metals exporters to the USA accounting for over 52% and 24% share respectively. France, South Africa, Malaysia and Austria were other significant exporters to the USA.

 

Silicon is the most imported item by the USA. As per US import data shows that Russia is the leading silicon exporter to the United States with over 22% share. After Russia, Brazil was the second leading silicon exporter to the United States with 20% share. Canada and Norway were other significant silicon exporters to the USA.

Through the assistance of trade intelligence reports, the mining companies from the USA can analyze their demand of rare earth metals, sourcing of rare earth metals, their pricing, shipment volumes, competitor shipment and potential business prospects. You could bank upon the reliable global import export data providers. Exim Global Trade Intelligence Platform by Exim Trade Data is one of the best business intelligence tools available right now.

It is a very cost -effective business intelligence tool through which you can gain insights over the global rare earth metals market. You could identify the top rare earth metals importing countries, companies and discover potential clients. It will reduce the financial risk, help you plan effective pricing and increase your global market revenue. This is the best tool that could increase your ROI.