Puerto Rico: Rare Earth Metal Market 2024

Rare Earth Metal Market Size in Puerto Rico

The Puerto Rican rare earth metal market totaled less than $X in 2021, standing approx. at the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption saw a relatively flat trend pattern.

Rare Earth Metal Exports

Exports from Puerto Rico

In 2021, rare earth metal exports from Puerto Rico amounted to less than X kg, approximately mirroring 2020. In general, exports continue to indicate a relatively flat trend pattern.

In value terms, rare earth metal exports amounted to less than $X in 2021. Over the period under review, exports saw a relatively flat trend pattern.

Exports by Country

China represented the major exporter of rare earth metals in the world, with the volume of exports resulting at X tons, which was approx. 49% of total exports in 2021. Australia (X tons) held the second position in the ranking, followed by Vietnam (X tons) and Thailand (X tons). All these countries together took approx. 47% share of total exports. The following exporters - the United States (X tons) and Hong Kong SAR (X tons) - each recorded a 0.5% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to rare earth metal exports from China stood at +14.2%. At the same time, Thailand (+360.7%), Australia (+48.5%) and Vietnam (+9.6%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing exporter exported in the world, with a CAGR of +360.7% from 2012-2021. By contrast, Hong Kong SAR (-23.9%) and the United States (-39.4%) illustrated a downward trend over the same period. Australia (+23 p.p.), China (+20 p.p.), Thailand (+4.8 p.p.) and Vietnam (+2.4 p.p.) significantly strengthened its position in terms of the global exports, while Hong Kong SAR and the United States saw its share reduced by -9.9% and -18.2% from 2012 to 2021, respectively.

In value terms, Vietnam ($X), Australia ($X) and China ($X) appeared to be the countries with the highest levels of exports in 2021, together comprising 82% of total exports. These countries were followed by Thailand, the United States and Hong Kong SAR, which together accounted for a further 12%.

Thailand, with a CAGR of +567.2%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the export price in Puerto Rico amounted to less than $X per ton, flattening at the previous year. Over the period under review, the export price recorded a relatively flat trend pattern.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Thailand ($X per ton), while Hong Kong SAR ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+45.0%), while the other leaders experienced more modest paces of growth.

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Rare Earth Metal Imports

Imports into Puerto Rico

In 2021, the amount of rare earth metals imported into Puerto Rico stood at less than X kg, therefore, remained relatively stable against 2020 figures. Over the period under review, imports continue to indicate a relatively flat trend pattern.

In value terms, rare earth metal imports totaled less than $X in 2021. Overall, imports saw a relatively flat trend pattern.

Imports by Country

Japan was the major importer of rare earth metals in the world, with the volume of imports resulting at X tons, which was near 48% of total imports in 2021. Malaysia (X tons) took a 22% share (based on physical terms) of total imports, which put it in second place, followed by Norway (5.5%) and India (4.6%). Thailand (X tons), the United States (X tons), Brazil (X tons) and Germany (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to rare earth metal imports into Japan stood at -3.0%. At the same time, Thailand (+107.6%), Malaysia (+37.4%) and India (+1.4%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing importer imported in the world, with a CAGR of +107.6% from 2012-2021. By contrast, Norway (-3.1%), the United States (-4.1%), Brazil (-6.6%) and Germany (-8.7%) illustrated a downward trend over the same period. Malaysia (+20 p.p.) and Thailand (+3.9 p.p.) significantly strengthened its position in terms of the global imports, while Germany and Japan saw its share reduced by -1.8% and -11.8% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Japan ($X) constitutes the largest market for imported rare earth metals into Puerto Rico, comprising 61% of global imports. The second position in the ranking was taken by Malaysia ($X), with a 14% share of global imports. It was followed by Thailand, with a 7.2% share.

In Japan, rare earth metal imports contracted by an average annual rate of -2.7% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Malaysia (+31.0% per year) and Thailand (+69.0% per year).

Import Prices by Country

In 2021, the import price in Puerto Rico amounted to less than $X per ton, approximately equating the previous year. Overall, the import price recorded a relatively flat trend pattern.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Thailand ($X per ton), while Norway ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+1.4%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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