flag Mongolia 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 20182019202020212022
Imports of Goods (million USD) 5,8756,1285,2996,8468,704
Exports of Goods (million USD) 7,0127,6207,5769,24112,540
Imports of Services (million USD) 2,6063,2242,1052,4903,490
Exports of Services (million USD) 1,1571,2336558141,135
Imports of Goods and Services (Annual % Change) 339-151431
Exports of Goods and Services (Annual % Change) 612-5-1531
Trade Balance (million USD) 6851,1581,7561,3701,233
Foreign Trade (in % of GDP) 126124113119145
Imports of Goods and Services (in % of GDP) 6865556175
Exports of Goods and Services (in % of GDP) 5859585970

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

0.8 bn USD of services exported in 2021
71.52%
17.23%
3.41%
2.58%
2.18%
1.76%
0.44%
0.41%
0.29%
0.18%
2.4 bn USD of services imported in 2021
30.38%
30.11%
20.48%
5.95%
4.48%
3.06%
2.19%
1.30%
1.01%
0.98%
0.05%

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 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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Latest Update: May 2024

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