Global imports and exports of critical minerals, 2002-2022 (USD Billions)
IEA
30 Jul 2023
The value of critical mineral trade nearly doubled from 2012 to 2022, reaching $375B, and has become central to the global economy, particularly for clean technologies. Critical minerals such as lithium, cobalt, and nickel are essential for electric vehicle batteries, wind turbines, and solar panels. On the import side, developed nations heavily rely on countries rich in these minerals. For instance, China dominates the rare earth element market, exporting a significant portion used in clean tech manufacturing worldwide. To counter such vulnerabilities, some countries are nationalizing their critical mineral resources. In 2022, Chile, the world's second-largest lithium producer, proposed nationalizing its lithium reserves. This move aims to give the government more control over this vital resource for the clean energy transition. Similarly, the United States has invested heavily in domestic exploration and production of critical minerals, aiming to lessen its dependence on foreign imports. The nationalization trend reflects the strategic importance of critical minerals for a clean-tech future. A secure and sustainable supply chain is essential to achieving climate goals.ย
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