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A front loader shifting soil containing rare earth minerals in a port in Lianyungang, China, in September 2010. Photo: STR/AFP via Getty Images

China exported around 35,400 tons of rare earth minerals and metals in 2020 — a roughly 23% drop from 2019's total, according to data from China's customs authority and records maintained by Reuters.

Why it matters: It's the lowest recoded amount since 2015 for the world's leading miner, processor and exporter of the materials, which are crucial in the manufacturing of commercial electronics, renewable energy development and military equipment.

Yes, but: The decrease in exports is in part due to the coronavirus pandemic, which damaged global demand for the minerals and metals.

By the numbers: The fall also comes despite efforts from China's government to ramp up production of rare earths in the last year.

  • It raised its quota for rare earth mining over the summer by 6.1% to 140,000 tonnes — a record high for the country and its third annual quota increase in a row, according to Reuters.

The big picture: The U.S., a primary importer of Chinese rare earths, has sought to reduce its dependence on China after the country threatened to stop exporting the materials to the U.S. in 2019 in response to the trade war and the Trump administration's blacklisting of tech company Huawei.

Go deeper: Biden says he won't immediately remove U.S. tariffs on China

Go deeper

Jan 29, 2021 - World

WHO team visits China hospital that treated first COVID-19 patients

Members of the WHO team investigating the origins of the COVID-19 pandemic. Photo: Hector Retamal/AFP via Getty Images

A World Health Organization team of researchers on Friday visited a hospital in Wuhan where China says some of the first coronavirus patients were treated, AP reports.

Why it matters: Friday marks the first in-person day of the team's investigation into the origin of the coronavirus pandemic, almost a year since the first cases were reported.

Dion Rabouin, author of Markets
6 mins ago - Economy & Business

The Fed could be firing up economic stimulus in disguise

Federal Reserve governor Lael Brainard at a "Fed Listens" event. Photo: Eric Baradat / AFP via Getty Images.

Even as global growth expectations increase and governments pile on fiscal spending measures central bankers are quietly restarting recession-era bond-buying programs.

Driving the news: Comments Tuesday from Fed governor Lael Brainard suggest the Fed may be jumping onboard the global monetary policy rethink and restarting a program used following the 2008 global financial crisis.

Democrats' hypocrisy moment

Illustration: Eniola Odetunde/Axios. Photo: Ray Tamarra/Getty Images

Gov. Andrew Cuomo should be facing explicit calls to resign from President Biden on down, if you apply the standard that Democrats set for similar allegations against Republicans. And it's not a close call.

Why it matters: The #MeToo moment saw men in power run out of town for exploiting young women. Democrats led the charge. So the silence of so many of them seems more strange — and unacceptable by their own standards — by the hour.