Chain · Rare earths, magnets and motors
China ships nearly two-thirds of the world’s permanent magnets (2024)
In 2024 China’s share of permanent-magnet exports rose to 64% from 54% in 2019, and Germany (12%), Japan (12%) and the United States (9.6%) bought the most.
- 6stages from ore to product
- $20.4bnlargest stage, 2024: Electric motors (multi-phase AC, large DC)
- HHI 0.42chokepoint, 2024: Permanent magnets of metal (NdFeB, SmCo)
- Japan · GL 0.99most two-way stage, 2024: Rare-earth compounds (oxides, carbonates)
The chain in 2024
Who trades each stage, 2024
Loading the network…
Permanent magnets of metal (NdFeB, SmCo), 2024
World trade, 2024: $5.0bn
Permanent magnets of metal (NdFeB, SmCo) is the chain’s chokepoint in 2024: HHI 0.42, CHN 64% of exports.
The ring shows the stage of this chain the economy leads; a dashed rowan ring marks an economy with more than half of the stage’s exports. Click an economy to follow its flows (exports gold, imports teal).
Open in the explorerWhy do some economies both import and export the same stage?
- Different goods under one code. A six-digit code can hold cheap and costly versions of a product: 2506.10 covers quartzite lumps and high-purity quartz worth many times more per kilogram.
- Processing and hub trade. Goods come in, are refined or assembled, and go out again.
- Firms and regions. Firms or regions within one economy buy and sell for their own reasons, such as a firm shipping inputs to its own plants abroad.
- How trade is recorded. Under the mirror rule an economy’s imports may come from its own reports and its exports from its partners’; origin and consignment, re-exports and misclassification can make one side larger.
“↔ two-way” marks an economy whose Grubel–Lloyd index is at least 0.3 and whose exports and imports are each at least 2% of world trade in the stage. The sentences under a stage give the numbers, never the reason. How two-way trade is measured
S1 · Ore
S1 · Rare-earth ore (no own code)
- World trade, 2024$6.7bn
- Unit value, 2024$0.37/kg
- Exporter concentration, 20240.29
- 175 exportersAUS 52%
Top exporters, 2024
| # | Economy | Share of world exports, % | 2019, % |
|---|---|---|---|
| 1 | AUS Australia | 51.5 | 45.1 |
| 2 | ZWE Zimbabwe | 12.3 | – |
| 3 | NGA Nigeria | 4.9 | – |
| 4 | BRA Brazil | 4.2 | – |
| 5 | USA United States | 3.9 | 6.1 |
Top importers, 2024
| # | Economy | Share of world imports, % | 2019, % |
|---|---|---|---|
| 1 | CHN China | 80.0 | 53.5 |
| 2 | KOR Korea | 2.2 | – |
| 3 | USA United States | 1.3 | 4.2 |
| 4 | IND India | 1.3 | – |
| 5 | FRA France | 1.1 | 2.8 |
Rare-earth ore (no own code), 2024: shares of world exports and imports. Source: UN Comtrade, Final data, HS6; mirror rule.
Residual code: it holds other products too
Bastnaesite sits in the residual 2530.90 with lithium ore; monazite partly in thorium ores (2612.20). Trade in ore is mostly Myanmar, Laos and the US into China.
The chain’s chokepoint in 2022, 2023.
Source: UN Comtrade, Final data, HS6; mirror rule.
Source: UN Comtrade, monthly data, HS6; 12-month sum; one side per flow (the importer's report where it filed as many months). Korea, Jan–Jul 2026: Korea Customs Service, trade by item and country (data.go.kr), fetched 31 Oct 2026.
S2 · Compounds
S2 · Rare-earth compounds (oxides, carbonates)
- World trade, 2024$2.5bn
- Unit value, 2024$12.9/kg
- Exporter concentration, 20240.17
- 71 exportersMMR 33%
Top exporters, 2024
| # | Economy | Share of world exports, % | 2019, % |
|---|---|---|---|
| 1 | MMR Myanmar | 32.7 | 14.3 |
| 2 | CHN China China
| 16.3 | 29.0 |
| 3 | MYS Malaysia | 13.7 | 9.5 |
| 4 | LAO Laos | 10.4 | – |
| 5 | JPN Japan Japan
| 7.8 | 12.8 |
Top importers, 2024
| # | Economy | Share of world imports, % | 2019, % |
|---|---|---|---|
| 1 | CHN China China
| 55.3 | 25.3 |
| 2 | JPN Japan Japan
| 7.8 | 23.3 |
| 3 | VNM Vietnam | 7.5 | – |
| 4 | USA United States United States
| 6.8 | 14.5 |
| 5 | KOR Korea | 3.5 | 6.5 |
China imports $1.4bn and exports $408m of this stage. Imports average $18/kg, exports $10.1/kg. Main suppliers: Myanmar, Laos, Malaysia. Main buyers: Japan, United States, Korea.
Rare-earth compounds (oxides, carbonates), 2024: shares of world exports and imports. Source: UN Comtrade, Final data, HS6; mirror rule.
Upstream · S1
Rare-earth ore (no own code)Downstream · S3
Rare-earth metals and alloysThe chain’s chokepoint in 2007, 2008, 2010, 2011.
Source: UN Comtrade, Final data, HS6; mirror rule.
Source: UN Comtrade, monthly data, HS6; 12-month sum; one side per flow (the importer's report where it filed as many months). Korea, Jan–Jul 2026: Korea Customs Service, trade by item and country (data.go.kr), fetched 31 Oct 2026.
S3 · Metals and alloys
S3 · Rare-earth metals and alloys
- World trade, 2024$508m
- Unit value, 2024$11.4/kg
- Exporter concentration, 20240.26
- 51 exportersVNM 38%
Top exporters, 2024
| # | Economy | Share of world exports, % | 2019, % |
|---|---|---|---|
| 1 | VNM Vietnam Vietnam
| 38.5 | 34.8 |
| 2 | AUS Australia | 25.2 | 18.4 |
| 3 | CHN China China
| 21.2 | 31.3 |
| 4 | THA Thailand Thailand
| 7.9 | 7.9 |
| 5 | MYS Malaysia | 2.4 | 2.2 |
Top importers, 2024
| # | Economy | Share of world imports, % | 2019, % |
|---|---|---|---|
| 1 | JPN Japan | 48.4 | 63.7 |
| 2 | MYS Malaysia | 25.2 | 18.4 |
| 3 | VNM Vietnam Vietnam
| 8.1 | – |
| 4 | CHN China China
| 4.6 | – |
| 5 | THA Thailand Thailand
| 3.1 | 5.3 |
Vietnam imports $41m and exports $195m of this stage. Imports average $74.5/kg, exports $60.9/kg. Main suppliers: China, Thailand, Japan. Main buyers: Japan, China, Singapore.
Rare-earth metals and alloys, 2024: shares of world exports and imports. Source: UN Comtrade, Final data, HS6; mirror rule.
Upstream · S2
Rare-earth compounds (oxides, carbonates)Downstream · S4
Permanent magnets of metal (NdFeB, SmCo)Source: UN Comtrade, Final data, HS6; mirror rule.
Source: UN Comtrade, monthly data, HS6; 12-month sum; one side per flow (the importer's report where it filed as many months). Korea, Jan–Jul 2026: Korea Customs Service, trade by item and country (data.go.kr), fetched 31 Oct 2026.
S4 · MagnetsChokepoint
S4 · Permanent magnets of metal (NdFeB, SmCo)
- World trade, 2024$5.0bn
- Unit value, 2024$21.4/kg
- Exporter concentration, 20240.42
- 145 exportersCHN 64%
Top exporters, 2024
| # | Economy | Share of world exports, % | 2019, % |
|---|---|---|---|
| 1 | CHN China | 63.6 | 53.7 |
| 2 | JPN Japan Japan
| 8.8 | 12.0 |
| 3 | PHL Philippines Philippines
| 6.0 | 10.7 |
| 4 | VNM Vietnam Vietnam
| 5.9 | 3.1 |
| 5 | DEU Germany Germany
| 4.0 | 4.7 |
Top importers, 2024
| # | Economy | Share of world imports, % | 2019, % |
|---|---|---|---|
| 1 | DEU Germany Germany
| 11.9 | 12.5 |
| 2 | JPN Japan Japan
| 11.6 | 10.6 |
| 3 | USA United States | 9.6 | 10.8 |
| 4 | VNM Vietnam Vietnam
| 7.7 | – |
| 5 | MEX Mexico | 6.7 | – |
Japan imports $578m and exports $439m of this stage. Imports average $55.8/kg, exports $39.9/kg. Main suppliers: Philippines, Vietnam, China. Main buyers: Philippines, Thailand, Malaysia.
Permanent magnets of metal (NdFeB, SmCo), 2024: shares of world exports and imports. Source: UN Comtrade, Final data, HS6; mirror rule.
What trade cannot see here
Ferrite magnets are 8505.19 and use no rare earths.
The chain’s chokepoint in 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2024, 2025.
Source: UN Comtrade, Final data, HS6; mirror rule.
Source: UN Comtrade, monthly data, HS6; 12-month sum; one side per flow (the importer's report where it filed as many months). Korea, Jan–Jul 2026: Korea Customs Service, trade by item and country (data.go.kr), fetched 31 Oct 2026.
S5 · Motors and turbines
S5 · Electric motors (multi-phase AC, large DC)
- World trade, 2024$20.4bn
- Unit value, 2024$11.6/kg
- Exporter concentration, 20240.08
- 178 exportersDEU 17%
Top exporters, 2024
| # | Economy | Share of world exports, % | 2019, % |
|---|---|---|---|
| 1 | DEU Germany Germany
| 16.9 | 18.2 |
| 2 | CHN China China
| 16.4 | 17.0 |
| 3 | MEX Mexico Mexico
| 7.8 | 5.3 |
| 4 | USA United States United States
| 6.5 | 7.0 |
| 5 | JPN Japan Japan
| 6.0 | – |
Top importers, 2024
| # | Economy | Share of world imports, % | 2019, % |
|---|---|---|---|
| 1 | USA United States United States
| 20.3 | 15.1 |
| 2 | DEU Germany Germany
| 11.8 | 11.1 |
| 3 | CHN China China
| 6.3 | 6.0 |
| 4 | ITA Italy Italy
| 4.2 | 5.2 |
| 5 | MEX Mexico Mexico
| 3.0 | – |
Germany imports $2.4bn and exports $3.4bn of this stage. Imports average $11.1/kg, exports $16.3/kg. Main suppliers: Hungary, Czechia, China. Main buyers: United States, China, Czechia.
Electric motors (multi-phase AC, large DC), 2024: shares of world exports and imports. Source: UN Comtrade, Final data, HS6; mirror rule.
What trade cannot see here
EV traction motors mostly travel inside the car, not as motors.
Source: UN Comtrade, Final data, HS6; mirror rule.
Source: UN Comtrade, monthly data, HS6; 12-month sum; one side per flow (the importer's report where it filed as many months). Korea, Jan–Jul 2026: Korea Customs Service, trade by item and country (data.go.kr), fetched 31 Oct 2026.
S5 · Motors and turbines
S5 · Wind turbines
- World trade, 2024$6.0bn
- Unit value, 2024$8.2/kg
- Exporter concentration, 20240.26
- 59 exportersCHN 40%
Top exporters, 2024
| # | Economy | Share of world exports, % | 2019, % |
|---|---|---|---|
| 1 | CHN China | 40.2 | 24.3 |
| 2 | DEU Germany | 25.3 | 15.6 |
| 3 | DNK Denmark Denmark
| 12.4 | 34.3 |
| 4 | ESP Spain | 9.4 | 8.7 |
| 5 | IND India | 6.9 | – |
Top importers, 2024
| # | Economy | Share of world imports, % | 2019, % |
|---|---|---|---|
| 1 | GBR UK | 10.6 | 6.0 |
| 2 | TUR Türkiye | 10.2 | – |
| 3 | ZAF South Africa | 8.1 | – |
| 4 | TWN Taiwan | 7.6 | – |
| 5 | BRA Brazil | 6.7 | – |
Denmark imports $238m and exports $740m of this stage. Imports average $8.3/kg, exports $11.2/kg. Main suppliers: Germany, Finland, Taiwan. Main buyers: Taiwan, Germany, Greece.
Wind turbines, 2024: shares of world exports and imports. Source: UN Comtrade, Final data, HS6; mirror rule.
The chain’s chokepoint in 2001, 2003, 2004, 2005, 2006.
Source: UN Comtrade, Final data, HS6; mirror rule.
Source: UN Comtrade, monthly data, HS6; 12-month sum; one side per flow (the importer's report where it filed as many months). Korea, Jan–Jul 2026: Korea Customs Service, trade by item and country (data.go.kr), fetched 31 Oct 2026.
How these numbers are made
Each chain has its own ladder of stages, one rung per step of production that customs records can see: four for clothing, eight for chips. Each stage is a set of six-digit HS codes, written down once with the rung it sits on and what else its code holds. World trade is the sum of bilateral flows under the mirror rule: the importer’s report where the importer reported that year, otherwise the exporter’s. Unit value is value over net weight, shown only where weight covers at least 80% of value. HHI is the sum of squared exporter shares; 0.15 and 0.25 mark moderate and high concentration.
Customs records see goods crossing a border, not what they were for. Production used at home, codes that hold two products and codes split by HS versions are named at the stage where they matter. Use shares, where a stage mostly goes elsewhere, come from dated sources outside trade; they scale the trail, never the map. The full method
Source: UN Comtrade, Final data, HS6; mirror rule. Updated 2 Nov 2026.