AsianFin -- China’s exports of rare earth magnets plunged by half in May compared to April, falling to their lowest level in more than five years as tighter export restrictions take a toll on overseas shipments.

Although Beijing recently pledged to accelerate export approvals—part of a broader effort to ease trade tensions with Washington—industry insiders say customs officials have grown increasingly cautious in clearing rare earth cargoes, leading to significant delays and reduced volumes.