Abstract
Purpose – This paper focuses on developing the Rare Earth Element Import Diversification Index (REEIDI) to monitor the sustainability of the rare earth elements’ import volume in the Korean domestic market and industry. Design/Methodology/Approach – The data used in this paper is the import volume of REEs from trading partners in the form of kilograms and US dollars by the Korea Customs Services monthly from 2011 to 2021. The REEIDI is calculated from the inverse formula of the Herfindahl-Hirschman Index, which shows the diversification level of Korea’s REE imports. Findings – The REEIDI enhanced from 1.850 in 2011 to 2.656 in 2021. During the period from 2011 to 2021, the price of the imported REEs and REEIDI showed an inverse relationship. It is empirically proved that REEIDI explains the changes in the REE price. Research Implications – With the development of REEIDI, the sustainability of REE imports can be monitored on a regular basis. Through this paper, it is implied that the REEIDI could reflect the changes in the import price of REEs to the Korean domestic market.
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