By Necva Tastan
ISTANBUL (AA) – China on Tuesday added for the first time rare earths to its list of bulk commodities that must be reported for statistical purposes before export approval.
According to a circular posted on the website of the Ministry of Commerce (MOFCOM), traders need to immediately report the shipment, number, and time of bulk commodities that are included in the list.
Related import and export commerce chambers are responsible for collecting and analyzing the data, which will be reported to the ministry, Beijing-based Global Times reported.
To stabilize foreign trade, the circular said China established a statistics mechanism for the import and export of bulk commodities in line with common international practice.
Rare earth elements, often called "industrial gold," are a group of 17 chemical elements that include lanthanum, cerium, and praseodymium and are essential for a variety of applications such as high-tech electronics and advanced weaponry.
China supplies over 61% of the world's rare earth elements and holds roughly two-thirds of scarce metals and minerals globally, according to Statista, a German online data gathering and visualization platform.