China's Rare Earth Exports Surge in Value

China exported 35,000 tons of rare earth elements between January and November 2010, with the majority shipped to Japan, Europe and the United States, said commerce ministry spokesman Yao Jian. The volume was up 14.5% and the value up 171% year on year. Yao also said the quotas for rare earth exports actually decreased 30% in 2010 from a year earlier. In late December China cut its rare earth export quotas by 35% to 14,446 tons in the first round of permits for 2011. Roughly 25% of the quotas were allotted for foreign-funded companies. Usually two permits are issued every year.