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EXPORT RESTRICTIONS ON INDUSTRIAL RAW MATERIALS
Export restrictions on critical raw materials rise sharply amid growing demand
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New OECD data show export restrictions for critical raw materials becoming increasingly widespread as demand surges, driven by the green and digital transitions and rising concerns over economic security.
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Export restrictions on industrial raw materials increased more than fivefold from 2009
This trend accelerated markedly in 2023 when over 500 new raw mineral products were affected by at least one export restriction. The growth rate of new export restrictions was more than double that of 2022 and nearly triple that of 2021.
This trend also reflects broader shifts in the global landscape, with heightened geopolitical tensions and growing strategic competition. While Russia’s invasion of Ukraine in 2022 triggered a spike in raw material and energy prices, governments have since become more assertive in managing critical resources, with export restrictions playing a growing role. In 2023, nearly 94% of new export restrictions were introduced by just seven countries (China, Viet Nam, Burundi, Russia, Democratic Republic of Congo, Zimbabwe, and Lao People’s Democratic Republic) - a concentration that underscores the significant influence of a small number of players on global access to raw materials.
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