Export restrictions on critical raw materials — particularly for ores and concentrates — are tightening rapidly worldwide, as governments place greater store in their value as a strategic revenue source, according to the Organisation for Economic Co-operation and Development (OECD).
There has been a five-fold increase in such restrictions since 2009, OECD research published on 29 April shows, covering significant shares of global supply — up to 70pc of cobalt and manganese exports, 47pc of graphite and 45pc of rare earth elements.
Export taxes and licensing requirements remain the most common instruments. But more restrictive measures — such as export bans and quotas — are increasingly common, accounting for over a third of new measures in 2024.
Levies on raw materials are particularly important for developing economies with limited alternative revenue streams.
Since the early 2010s, these measures had formed part of industrial policy goals, such as securing domestic supply, promoting value addition and supporting downstream sectors. But in 2024, revenue generation drove nearly half of new restrictions — a notable shift.
Export restrictions in 2024 were being imposed by a more diverse group of countries than in previous years, especially in Africa and Asia. But five countries — China, India, Argentina, Vietnam and Burundi — account for over half of all new measures introduced since 2009.
This shift towards revenue generation has important implications for global supply and market stability, the OECD has warned. By tightening supply and raising price volatility, restrictions risk amplifying market concentration and distortions.
International co-operation remains key to boosting investment and ensuring stable, diversified supply, the OECD research concludes.
