Mongolia is one of the most open economies in its region and foreign trade accounted for 113% of GDP in 2020 (World Trade Organization, 2022). The country's trade policy aims at adopting market-oriented reforms and reducing dependence on the mining sector. Comparatively, tariffs are low and no customs barriers exist in the country. Mongolia has the potential to become a competitive hub for its strategic location between the vast emerging markets of Russia and China. Total Imports of Goods and Services represented 64.4% of GDP in 2020, while Exports of Goods and Services represented over 40.3% of GDP (WTO and World Bank, 2022).
The country exports mainly Gold (31.8% of all imports in 2020), Coal Briquettes (25%), Copper Ore (21%) and Iron Ore with 7.5% (OEC, 2022). The most common destination for the exports of Mongolia are China (63.7%), Switzerland (30.5%) and the United Kingdom (1%). Mongolia is traditionally an importing country, but has gradually expanded its exports in recent years. Its main suppliers are China (35.6%), Russia (26.2%), Japan (6.7%), and South Korea with 5.1%(OEC, 2022). The most recent imports of Mongolia are led by Refined Petroleum (14.7%), Cars (5.6%) and electricity (2.7%).
Mongolia's trade surplus narrowed to USD 159.40 million in February of 2022 from USD 231.21 million a year ago. Imports rose 3.8 percent on year to USD 481.2 million while exports fell 7.7 percent to USD 640.6 million (National Statistical Office of Mongolia, 2022).
Foreign Trade Indicators | 2016 | 2017 | 2018 | 2019 | 2020 |
---|---|---|---|---|---|
Imports of Goods (million USD) | 3,358 | 4,337 | 5,875 | 6,127 | 5,294 |
Exports of Goods (million USD) | 4,917 | 6,201 | 7,012 | 7,620 | 7,576 |
Imports of Services (million USD) | 1,944 | 2,154 | 2,584 | 3,200 | 2,083 |
Exports of Services (million USD) | 801 | 964 | 1,154 | 1,228 | 651 |
Imports of Goods and Services (Annual % Change) | 13 | 25 | 31 | 22 | -9 |
Exports of Goods and Services (Annual % Change) | 14 | 15 | 24 | 9 | -0 |
Trade Balance (million USD) | 1,338 | 1,490 | 685 | 1,158 | 1,756 |
Foreign Trade (in % of GDP) | 96 | 117 | 122 | 126 | 114 |
Imports of Goods and Services (in % of GDP) | 45 | 57 | 64 | 66 | 55 |
Exports of Goods and Services (in % of GDP) | 50 | 60 | 58 | 60 | 59 |
Source: WTO – World Trade Organisation ; World Bank - Latest available data.
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1.1 bn USD of services exported in 2018 | |
---|---|
40.05% | |
Personal travelPersonal travel | 36.06% |
OtherOther | 34.96% |
Education-related expenditureEducation-related expenditure | 0.79% |
Health-related expenditureHealth-related expenditure | 0.31% |
Business travelBusiness travel | 3.99% |
OtherOther | 3.99% |
31.87% | |
Air transportAir transport | 18.26% |
OtherOther | 12.06% |
PassengerPassenger | 5.36% |
FreightFreight | 0.84% |
18.67% | |
Miscellaneous business,...Miscellaneous business, professional, and technical services | 17.59% |
Research and developmentResearch and development | 0.72% |
Merchanting and other trade-related...Merchanting and other trade-related services | 0.36% |
3.80% | |
Construction in the compiling...Construction in the compiling economy | 3.80% |
2.89% | |
1.30% | |
Telecommunications servicesTelecommunications services | 1.30% |
0.70% | |
0.33% | |
Other personal, cultural, and...Other personal, cultural, and recreational services | 0.33% |
0.27% | |
0.12% | |
Franchises and similar rightsFranchises and similar rights | 0.12% |
3.0 bn USD of services imported in 2018 | |
---|---|
30.50% | |
Air transportAir transport | 5.13% |
PassengerPassenger | 3.26% |
OtherOther | 1.50% |
FreightFreight | 0.37% |
28.68% | |
Personal travelPersonal travel | 28.42% |
OtherOther | 14.57% |
Education-related expenditureEducation-related expenditure | 12.93% |
Health-related expenditureHealth-related expenditure | 0.92% |
Business travelBusiness travel | 0.26% |
OtherOther | 0.26% |
26.47% | |
Miscellaneous business,...Miscellaneous business, professional, and technical services | 26.32% |
Research and developmentResearch and development | 0.15% |
6.91% | |
Construction in the compiling...Construction in the compiling economy | 6.91% |
2.45% | |
Telecommunications servicesTelecommunications services | 2.45% |
1.66% | |
1.25% | |
0.72% | |
0.70% | |
ReinsuranceReinsurance | 0.47% |
0.54% | |
0.12% | |
Other personal, cultural, and...Other personal, cultural, and recreational services | 0.12% |
Source: United Nations Statistics Division, Latest Available Data
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Latest Update: May 2022