Importing industrialised countries increasingly perceive risks to their economic security arising from two factors: (1) the persistent geographical concentration of mining and processing of CRMs, and (2) the growing use of export restrictions on CRMs that are essential for the energy and digital transitions, as well as for defence and advanced manufacturing. Stringent restrictions, especially by major producers, can trigger similar actions by others and drive up prices while tightening global supply. Together with other non-market policies and practices, export restrictions pose significant risks to supply chain resilience.
In response, OECD Member countries are launching new policies and initiatives—like the modernisation of the OECD Export Credit Arrangement and the conclusion of tailored bilateral or plurilateral arrangements—to boost investment in more diversified mining, processing, and recycling capacity, and to ensure a level playing field in the CRM industry. The OECD Inventory on Export Restrictions on Critical Raw Materials provides a crucial evidence base on global export restrictions and their impacts, guiding the design of policy responses.
Key findings from the latest update include:
Long-term rise in export restrictions: Between 2009 and 2024, export restrictions on critical raw materials increased fivefold. The largest jumps were early in the period, though 2022‑2023 also saw rapid increases, coinciding with a spike in raw material and energy prices after Russia’s invasion of Ukraine and heightened geopolitical tensions. After a price decline, growth in restrictions slowed in 2024, appearing to temporarily stabilise at historically high levels.
Market-linked fluctuations: These shifts track sharp swings in raw material prices and geopolitical tensions, highlighting the connection between market pressures and policy interventions in raw material markets.
Focus on strategic CRMs: Key minerals for industrial production and the energy transition—cobalt, manganese, graphite, and rare-earth elements—face high exposure to export restrictions.
Significant shares of trade affected: Between 2022 and 2024, an average of approximately 16% of global trade in critical raw materials was subject to restrictions, with cobalt (67%), manganese (66%), natural graphite (47%), and rare-earth elements (45%) being the most affected.
The most restrictive type of restrictions is becoming more common: Export taxes and licensing remain dominant but the most restrictive type of restrictions—such as export prohibitions—have become increasingly common since the late 2010s, accounting for more than one-quarter of all measures introduced in 2024.
Revenue and industrial policy motives rising: Objectives such as generating public revenue and safeguarding domestic supply, boosting processing and value addition, and protecting local downstream industries have been the fastest-growing stated rationales for export restrictions since the early 2010s.