The OECD Inventory on Export Restrictions on Industrial Raw Materials reveals a concerning trend in which export restrictions are becoming at once increasingly prevalent and more prohibitive.
Sharp Increase in Export Restrictions (2009–2023): Between 2009 and 2023, export restrictions on industrial raw materials grew more than fivefold, with the most significant rises occurring in the early 2010s.
Accelerated Growth in 2023: The pace of growth in export restrictions accelerated in 2023, with 3.4% more exported raw material products subject to at least one export restriction compared to 2022. The growth rate in 2023 was more than double that of 2022 and nearly triple that of 2021.
Key Drivers: The significant rise in export restrictions in 2023 coincided with a surge in raw material and energy prices following Russia’s invasion of Ukraine in 2022, as well as growing geopolitical tensions.
Concentration of restrictions introduced in 2023: Close to 94% of net additions to the global stock of export restrictions in 2023 were accounted for by just seven countries: China, Viet Nam, Burundi, Russia, the DRC, Zimbabwe, and Laos.
Shift toward export prohibitions: Export taxes and licensing requirements were the most common and rapidly growing types of export restrictions between 2009 and 2023. However, quantitative restrictions like export prohibitions and quotas also increased, with export prohibitions becoming particularly common since 2019.
Raw materials most affected: Waste and scrap products had the highest incidence of export restrictions, with ores and minerals—especially upstream materials in critical supply chains—seeing the most rapid increase.
Significant increase in restricted global trade: Between 2021 and 2023, 14% of global trade in non-waste and scrap industrial raw materials faced export restrictions, with cobalt and rare earth elements seeing particularly high levels (67% and 46%, respectively).
Given the high interdependency in the global economy and many countries' reliance on international trade for critical raw materials, export restrictions risk negative spillover effects across global supply chains. This highlights the need for co-operative solutions to limit such measures.
Understanding the motivations behind export restrictions, as well as their impact on trading partners and global markets, is crucial. This knowledge will help identify less restrictive ways to meet both the security of supply needs of importing countries and the development goals of resource-rich nations.
Evidence on export restrictions is key to analysing their economic and non-economic impacts, and driving international co-operation. The OECD Inventory provides a unique, freely accessible source of data to support these efforts.