Chinese flags displayed in Beijing. (©Sankei/Shohei Mitsuka)
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According to trade data for June released by China's General Administration of Customs on July 20, exports of rare earth magnets to Japan totaled 128 tons. Although shipments increased 4.4% from the previous month, they remained below 200 tons for the fourth consecutive month and were lower than a year earlier.
China has stepped up pressure on Japan following Prime Minister Sanae Takaichi's parliamentary remarks about a potential Taiwan contingency, making it increasingly difficult for Japanese companies to obtain export licenses for rare earth products.
Rare earth magnets are one of China's major rare earth exports. In June, China's global exports of the magnets totaled 5,649 tons, up 19.4% from the previous month.
By comparison, exports to Japan saw only a modest increase. Shipments to the United States totaled 488 tons, up 3.2%, as Washington and Beijing have been working to stabilize economic and trade relations following their leaders' summit in May.
Compared with the same month a year earlier, China's global exports of rare earth magnets surged 77.2%. Exports to Japan, however, declined 2.2%, while shipments to the United States increased 38.4%, highlighting the relative weakness of exports to Japan.
Beijing Expands Export Controls
In June, China's Ministry of Commerce added 20 Japanese companies and organizations to its export control list, banning exports of dual-use goods to them. Beijing had imposed similar restrictions in February. Rare earth products are believed to be among the items covered by the ban.
In May, two Japanese employees of Fuji Electric were detained by Chinese authorities in Dalian. They are believed to have been accused of illegally attempting to take rare earth magnets out of China.
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Author: Shohei Mitsuka, The Sankei Shimbun
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