Mongolia: Trade Profile

Foreign Trade in Figures

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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Main Services

1.2 bn USD of services exported in 2019
TravelTravel +	41.76%
Personal travelPersonal travel	37.75%
Business travelBusiness travel	4.01%
TransportationTransportation	31.65%
Other business servicesOther business services	18.39%
Computer and information servicesComputer and information services	4.07%
Construction servicesConstruction services	3.14%
Financial servicesFinancial services	0.40%
Government servicesGovernment services	0.35%
Cultural and recreational servicesCultural and recreational services	0.14%
Royalties and license feesRoyalties and license fees	0.11%

3.2 bn USD of services imported in 2019
TransportationTransportation	30.57%
TravelTravel +	28.75%
Personal travelPersonal travel	28.51%
Business travelBusiness travel	0.25%
Other business servicesOther business services	23.99%
Financial servicesFinancial services	6.58%
Construction servicesConstruction services	4.53%
Computer and information servicesComputer and information services	3.26%
Royalties and license feesRoyalties and license fees	0.82%
Government servicesGovernment services	0.76%
Insurance servicesInsurance services	0.71%
Cultural and recreational servicesCultural and recreational services	0.03%

Source: United Nations Statistics Division, Latest Available Data

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Trade Compliance

International Conventions: Member of World Trade Organisation
International Economic Cooperation: Member of Council for mutual economic assistance (CMEA)
Useful Resources
National Organisation of Intellectual Property: The Intellectual Property Office of Mongolia.

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