Mongolia: Trade Profile

Foreign Trade in Figures

Mongolia is one of the most open economies in its region, and foreign trade accounts for around 119% of GDP (World Bank, latest data available). 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. The country exports mainly coal briquettes (47.6%), copper ore (20%), gold (15%), animal hair (3.1%), and iron ore (2.8%), whereas imports are led by refined petroleum (18.3%), cars (6.2%), delivery trucks (3.9%), trailers and semi-trailers (2.7%), and raw iron bars (2.5% - data OEC 2022).

Mongolia’s main export partners are China (77.9%), Switzerland (14.6%), Singapore (2.5%), South Korea (1.9%), and Russia (0.8%). Imports come chiefly from China (37.3%), Russia (29.0%), Japan (6.8%), South Korea (5.1%), and the United States (2.8% - data OEC 2022).

Mongolia has a structural trade surplus. As per WTO data, in 2022, the country exported USD 12.5 billion worth of goods as opposed to USD 8.7 billion in imports (+35.7% and +27.1% y-o-y, respectively). Concerning services, exports were lower than imports (USD 1.1 billion and 3.4 billion, respectively). According to official data, Mongolia's total imports and exports expanded by 15% year on year to USD 24.4 billion in 2023. The Asian country recorded a surplus of approximately USD 5.9 billion in its foreign trade balance, primarily driven by a notable rise in exports of mining products, which constituted over 90% of the total exports from the mineral-rich nation.

Foreign Trade Indicators	2019	2020	2021	2022	2023
Imports of Goods (million USD)	6,128	5,299	6,846	8,704	9,253
Exports of Goods (million USD)	7,620	7,576	9,241	12,539	15,185
Imports of Services (million USD)	3,224	2,105	2,490	3,490	4,206
Exports of Services (million USD)	1,233	655	814	1,135	1,599
Imports of Goods and Services (Annual % Change)	9	-15	14	29	19
Exports of Goods and Services (Annual % Change)	12	-5	-15	32	33
Trade Balance (million USD)	1,158	1,756	1,370	1,233	4,549
Foreign Trade (in % of GDP)	124	113	119	136	143
Imports of Goods and Services (in % of GDP)	65	55	61	71	67
Exports of Goods and Services (in % of GDP)	59	58	59	65	76

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

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Main Services

1.6 bn USD of services exported in 2023
TransportTransport	42.46%
TravelTravel	33.44%
Other business servicesOther business services	13.51%
ConstructionConstruction	4.02%
Telecommunications, computer, and...Telecommunications, computer, and information services	3.74%
Financial servicesFinancial services	1.39%
Manufacturing services on physical...Manufacturing services on physical inputs owned by others	0.91%
Government goods and services n.i.e.Government goods and services n.i.e.	0.23%
Personal, cultural, and recreational...Personal, cultural, and recreational services	0.20%
Charges for the use of intellectual...Charges for the use of intellectual property n.i.e.	0.10%

4.2 bn USD of services imported in 2023
TransportTransport	33.90%
TravelTravel	30.33%
Other business servicesOther business services	20.94%
Financial servicesFinancial services	4.79%
Telecommunications, computer, and...Telecommunications, computer, and information services	3.87%
ConstructionConstruction	3.85%
Insurance and pension servicesInsurance and pension services	0.80%
Charges for the use of intellectual...Charges for the use of intellectual property n.i.e.	0.76%
Government goods and services n.i.e.Government goods and services n.i.e.	0.64%
Personal, cultural, and recreational...Personal, cultural, and recreational services	0.06%
Manufacturing services on physical...Manufacturing services on physical inputs owned by others	0.06%

Source: United Nations Statistics Division, Latest Available Data

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Trade Compliance

International Conventions: Member of the World Trade Organization (WTO)
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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