New Delhi, June 19 -- China's rare earth product exports experienced a dramatic decline in May, falling to their lowest level in five years as Beijing's export restrictions significantly reduced international shipments.

The downturn reflects the mounting trade tensions between China and the United States over access to critical materials essential for modern manufacturing.

Export volumes of rare earth products plummeted 61 percent year-over-year in May, totaling just 2,117 tons according to Chinese customs data analysed by Bloomberg News.

This marked the lowest monthly figure since February 2020, with the sharp decline attributed to export controls that took effect in early April.

The export restrictions have created substantial suppl...