Latest news with #exports
Bloomberg
2 hours ago
- Business
- Bloomberg
China's Rare Earth Magnet Exports Slump in May, Especially to US
Chinese exports of rare earth magnets slumped further in May, with shipments to the US showing an especially steep drop due to the trade war with Washington. Rare earth minerals, and the products that use the elements, have been at the center of the dispute since early April, when China imposed export controls in retaliation for punitive tariffs levied on Chinese goods. The two countries have since sought to reset relations, culminating in a meeting in London in early June, which prompted US President Donald Trump to declare that issues around rare earths had been resolved.
Malay Mail
2 hours ago
- Business
- Malay Mail
Malaysia's trade hits RM252b in May, powered by E&E exports, says Miti
KUALA LUMPUR, June 20 — Malaysia's trade increased by 2.6 per cent in May 2025 to reach RM252.48 billion, marking the 17th consecutive month of year-on-year growth since January 2024, said the Ministry of Investment, Trade and Industry. In a statement today, it said exports recorded a slight decrease of 1.1 per cent to RM126.62 billion, while imports grew 6.6 per cent to RM125.86 billion. Trade surplus for the month stood at RM766.3 million, maintaining a trade surplus for the 61st consecutive month since May 2020. The ministry noted that exports of electrical and electronics (E&E) products continued to show resilient performance, registering an increase of nearly RM4 billion — consistent with the World Semiconductor Trade Statistics forecast of an 11.2 per cent increase in global semiconductor sales in 2025. 'As a key player in the global semiconductor supply chain, Malaysia stands to benefit significantly from this anticipated expansion. 'Nevertheless, potential challenges remain, notably the uncertainties in global economic conditions. While the sector's outlook remains positive, proactive policy responses will be crucial to sustain this growth momentum,' it said. According to Miti, trade, exports and imports achieved their highest cumulative value on record for the January to May 2025 period, with trade growing 6.2 per cent to RM1.23 trillion compared to the corresponding period in 2024. Exports expanded 5.5 per cent to RM638.48 billion and imports rose 6.9 per cent to RM591.54 billion, while the trade surplus slipped 9.4 per cent to RM46.94 billion. The ministry noted that exports to key trading partners, including the United States and the European Union recorded robust growth, while exports to Taiwan not only expanded but also attained a new record high. 'Exports to Free Trade Agreement (FTA) partners, notably the United Kingdom and New Zealand also recorded increases, primarily due to higher shipments of palm oil-based manufactured products,' it added. — Bernama
Wall Street Journal
3 hours ago
- Business
- Wall Street Journal
China Flexes Chokehold on Rare-Earth Magnets as Exports Plunge in May
China's exports of rare-earth magnets plummeted after it imposed controls on their overseas sale, emphasizing Beijing's dominance of a critical input into electric vehicles and jet fighters that has taken center stage in tensions with the U.S. Total export volumes of rare-earth magnets from China fell 74% in May from a year earlier, according to a Wall Street Journal analysis of Chinese customs data. That was the biggest percentage decline on record dating back to at least 2012. Exports had fallen 45% in April in year-over-year terms. The 1.2 million kilograms of rare-earth magnets exported in May marked the lowest level since February 2020, during the Covid pandemic.
Yahoo
3 hours ago
- Business
- Yahoo
China's rare earth magnet shipments halve in May due to export curbs
By Amy Lv and Ryan Woo BEIJING (Reuters) -China's overseas shipments of rare earth magnets halved in May from April, tumbling to their lowest levels in more than five years due to export curbs. Beijing said this month that it would speed up its approval process, a concession made after the U.S. and China agreed to dial back trade tensions. In the meantime, however, industry sources say Chinese customs officials have become increasingly cautious about processing rare earth cargoes. This is particularly so for rare earth magnets because there is only a single code to cover magnets despite there being a variety of chemistries, said the sources who were not authorised to speak to media and declined to be identified. China, the world's largest rare earth magnet producer accounting for over 90% of global supply, decided in early April to impose restrictions on exports of seven medium-to-heavy rare earth products and some magnets. That's rocked supply chains crucial to auto, aerospace, semiconductor and military equipment sectors around the world. Last month, China shipped out 1,238 metric tons of rare earth permanent magnets, down 52.9% from April and the lowest level for a single month since February 2020, data from the General Administration of Customs showed on Friday. April's shipments had also halved from March. On a year-on-year basis, May shipments were down 74%. Sources have also previously said that customs are holding up some shipments of lower-performance rare earth magnets used in appliances and consumer electronics because of confusion over how to apply Beijing's export curbs. China's commerce ministry said on Thursday that "a certain number" of rare earth export licence applications had been approved but did not disclose details. Chinese rare earth magnet producers JL MAG Rare-Earth and Innuovo Technology announced in recent weeks that they have secured a few export licenses for some clients. Exports of rare earth magnets for January-May slipped 14.5% from the same period last year to 19,132 tons, the lowest for the period since 2021. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Zawya
3 hours ago
- Business
- Zawya
UAE's non-oil foreign trade to hit $1.1trln by 2027, says report
UAE - HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, affirmed that the UAE, under the leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, continues its remarkable progress across all sectors, with the nation's booming non-oil foreign trade at the heart of this growth, achieving consistent record-breaking growth for several years, reported Wam. The UAE's non-oil foreign trade continued an upward trajectory in Q1 2025 (January 1 to March 31, 2025), reaching AED 835 billion, up 18.6% increase compared to Q1 2024. UAE non-oil exports continued to achieve historical growth rates, recording AED 177.3 billion in Q1 2025, a 40.7% year-on-year increase (compared to Q1 2024) and a 15.7% quarter-on-quarter increase (compared to Q4 2024). This robust growth propelled non-oil exports to over 21% of the UAE's total non-oil foreign trade for the first time in the nation's history, outpacing the growth of both imports and re-exports. Sheikh Mohammed said: "The UAE's non-oil foreign trade saw growth of 18.6% year-on-year in the first quarter of this year, reaching AED 835 billion (global average is 2-3%). The nation's non-oil exports experienced exceptional growth, surging by 41% annually," he stated. "Our goal to grow non-oil foreign trade to AED 4 trillion by 2031 will be achieved within the next two years; four years ahead of schedule. In 2024, GDP grew by 4%, reaching AED 1.77 trillion, with the non-oil sector contributing 75.5% to the national economy," he added. UAE's re-exports saw a 6% annual increase, reaching AED 189.1 billion. Imports grew by 17.2% year-on-year, reaching AED 468.6 billion, but experienced a slight 1.7% decline compared to the previous quarter (Q4 of 2024), said the Wam report. Trade with the UAE's top 10 trading partners continued to expand, growing by 20.2% in Q1 2025, compared to 16.9% growth with other countries. Trade grew with India by 31%, with Saudi Arabia by more than double at 127%, with Turkiye by 8.3% - surpassing previous records - and with China by 9.6%, it stated. "Under the leadership of His Highness Sheikh Mohamed bin Zayed Al Nahyan, the UAE's economic growth is achieving unprecedented success. Indicators of social, economic, and strategic stability and prosperity are at their highest historical levels," said Sheikh Mohammed. "We are confident in an even brighter future, driven by the focused efforts of thousands of dedicated teams working to realize the UAE's global ambitions," he added.
