flag Mongolia 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 20162017201820192020
Imports of Goods (million USD) 3,3584,3375,8756,1275,294
Exports of Goods (million USD) 4,9176,2017,0127,6207,576
Imports of Services (million USD) 1,9442,1542,5843,2002,083
Exports of Services (million USD) 8019641,1541,228651
Imports of Goods and Services (Annual % Change) 13253122-9
Exports of Goods and Services (Annual % Change) 1415249-0
Trade Balance (million USD) 1,3381,4906851,1581,756
Foreign Trade (in % of GDP) 96117122126114
Imports of Goods and Services (in % of GDP) 4557646655
Exports of Goods and Services (in % of GDP) 5060586059

Source: WTO – World Trade Organisation ; World Bank - Latest available data.

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To go further, check out our service Import controls and Export controls

To go further, check out our service Import Export Flows

 
 

Main Services

Source: United Nations Statistics Division, Latest Available Data

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List of tariffs and local taxes that apply to your product on our service Customs duties

 

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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Latest Update: September 2022

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