Several key minerals that are essential inputs for digital and renewable energy technologies face high exposure to export restrictions, and the number of restrictions continues to rise, a new OECD report finds.
The annual update of the OECD Inventory of Export Restrictions on Critical Raw Materials tracks export restrictions and supports analysis of their impact on availability, prices and global supply chains. The OECD continues to monitor these measures over time. The latest edition, which analyses measures implemented through the end of 2024, shows that export restrictions on critical raw materials have increased steadily in the past 15 years, reaching an all-time high. Although the growth rate of new export restrictions slowed from 3.4% in 2023 to 0.6% in 2024, a wider range of countries, particularly in Africa and Asia, introduced new restrictions.
Some minerals essential for energy systems, such as cobalt, manganese, graphite and rare-earth elements, saw particularly high exposure to export restrictions. Roughly 70% of global exports of cobalt and manganese were subject to at least one export restriction between 2022 and 2024. 16% of trade in critical raw materials monitored by the OECD faced at least one export restriction over the same period.
"Countries around the world depend on reliable access to critical raw materials for economic growth, innovation and energy security," OECD Secretary-General Mathias Cormann said at the OECD Critical Minerals Forum in Istanbul. "Export restrictions can increase supply chain vulnerabilities in highly concentrated supply chains by limiting export volumes and driving up prices. Improving transparency on these measures is key to promoting more open and diversified markets for critical minerals, incentivising much needed investment to scale up production and promoting mutually beneficial partnerships with producer countries."
While demand for critical raw materials is rising rapidly, supply remains slow to adjust and highly concentrated. Although the leading producers differ by material, the top three countries for each of cobalt, lithium and nickel account for over two-thirds of global production, rising to nearly 90% for rare earth elements. There is also concentration in the policy measures adopted, with India (19%), China (17%), Argentina (6%), Viet Nam (5%) and Burundi (4%) accounting for over half of all new measures implemented between 2009 and 2024.
Waste and scrap materials remain the most frequently restricted category of critical raw materials in 2024, reflecting both environmental concerns and growing interest in the circular economy as a source of metals and minerals. In addition, export restrictions on upstream supply chains, such as ores and minerals, grew sharply between 2009 and 2024, having increased tenfold during this period.
Highly restrictive measures, such as export prohibitions and quotas, have become increasingly prevalent, accounting for more than one-third of new measures in 2024. Revenue generation has been the fastest-growing stated rationale behind export restrictions since the early 2010s and became the most cited reason in 2024, accounting for nearly half of measures.
