2019, Mongolia traded with 152 countries from all over the world and total
trade turnover reached USD 13.7 billion, of which USD 7.6 billion were exports
and USD 6.1 billion were imports. Total foreign trade turnover increased by USD
860.6 (6.7%) million, of which exports increased by USD 608.0 million (8.7%)
and imports increased by USD 252.6 million (8.0%) compared to the same period
of previous year.
Mongolian foreign trade
balance has been in surplus since 2014 and foreign trade surplus reached USD 1.5
billion in 2019, increased by USD 355.4 million (31.3%) from previous year.
In December 2019, exports
and imports reached to USD 564.2 million and USD 543.6 million, respectively. Compared
to the previous month, exports increased by USD 37.3 million and imports
increased by USD 24.4 million.
In December 2019, foreign
trade surplus reached to USD 20.5 million. Compared to the previous month, foreign
trade surplus increased by USD 12.9 million.
In total turnover, trades
with two neighbor countries China and Russia have highest shares where trade with
China was USD 8.9 billion in 2019, which is 64.4% of total goods turnover and
89.1 percent of exports.
In total export goods to
China, 44 percent was coal and 26.4 percent was copper concentrate. While 77.5%
of total export goods to the United Kingdom, 76.7% of total export goods to
Singapore and 98.8% of total export goods to Switzerland were gold.
In 2019, imports by main
countries, China share to 33.6%, Russia share to 28.2%, Japan share to 9.6%, USA
share to 4.7% and Korea share to 4.4% of total imports.
Petroleum products share to
55.8% of Russia’s imports, Cars share to 60.9% of Japan’s imports, trucks share
to 13.8% of China’s imports and there are many different types of products
share to other percent.
The 608.0 million increase
in exports from the same period of previous year was mainly due to the increases
in exports of USD 288.2 million in bituminous coal and USD 273.9 million in raw
or semi-manufactured gold.
Before the discovery of the
major mining sites, agriculture was main economic sector of Mongolia. In 2019
by preliminary estimate, Mongolia exported USD 132.2 million meat and meat
products, which is USD 17.2 million or 27.4% lower compared to previous year.
Export of washed cashmere
increased by USD 46.3 million, while export of combed raw cashmere decreased by
USD 9.6 million. Export of both washed cashmere and combed raw cashmere makes
up to 4.3 percent of total export.
The USD 252.6 million
increase in imports from the same period of previous year was mainly due to USD
46.5 million increase in mineral products imports, especially, USD 92.6 million
increase in diesel imports and USD 267.0 million increase in imports of
transport vehicles and its spare parts. In 2019, Mongolia imported
94065 vehicles, in which 69472 were cars. Imported cars increased by 5433 or
8.5% from previous year.
Exports of mineral products,
textiles and textile articles, natural or cultured stones, precious metals jewelry
made up 94.9 percent of total export. On the other hand, 68.9 percent of
imports was mineral products, machinery, equipment, electric appliances,
transport vehicle and its spare parts and food products.
Source: National Statistics Office of