China’s rare earth exports grew 27.3% in 2014 to 28,000 tonnes, but export prices slumped, China News Service said.

The average export price of rare earth products was only 83,000 yuan ($13,491) per tonne, down by 47.8% from 2013, according to the news report.

Improving US manufacturing activities were behind China’s rare earth export growth. However, Chinese firms exported the material aggressively after the central government raised the quotas, which, combined with sluggish demand downstream, exerted a drag on prices.

Japan was the largest buyer, claiming 42.9% of China’s outbound shipments, or 12,000 tonnes in 2014, while the US ranked the second.