China's outbound shipments of rare earths in May jumped 23% on the month to their highest in a year, though Beijing's export curbs on some of the critical minerals halted some overseas sales, with shortages rippling through global manufacturing.

China has agreed to fast-track approvals for the shipment of rare earth minerals to the United States and some European Union nations.

Chinese exports of rare earths, a group of 17 minerals at the center of a trade dispute with Washington, rose 23% in May from the previous month, according to customs data on Monday.