Mongolia: Trade Profile
Mongolia is one of the most open economies in its region and foreign trade accounted for 119% of GDP in 2021 (World Trade Organization, 2023). 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 61% of GDP in 2021, while Exports of Goods and Services represented over 59% of GDP (WTO and World Bank, 2023).
The country exports mainly Copper Ore (27.8% of all imports in 2021) Coal Briquettes (26.2%), Gold (20.2%) and Iron Ore with 9% (OEC, 2023). The most common destination for the exports of Mongolia are China (73%), Switzerland (18.8%) and Singapore (2.44%). Mongolia is traditionally an importing country, but has gradually expanded its exports in recent years. Its main suppliers are China (36.6%), Russia (26.6%), Japan (7.1%), and South Korea with 5.3%(OEC, 2023). The most recent imports of Mongolia are led by Refined Petroleum (14.8%), Cars (6.1%) and trailers and semi trailers (3%).
Mongolia’s trade surplus widened to USD 779.1 million in March 2023, from USD 85.7 million in the same month of the previous year. Exports surged 96% to USD 1,520.5 million, boosted by the increase in sales of iron ores & concentrates (190.5%), copper concentrates (88.8%), and gold, unwrought or in semi-manufactured forms (54.2%), while imports rose 14.7% to USD 741.5 million, mostly due to higher purchases of diesel (172.7%), cars (112.6%), and electricity (107.9%).
| Foreign Trade Indicators | 2018 | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|---|
| Imports of Goods (million USD) | 5,875 | 6,128 | 5,299 | 6,846 | 8,704 |
| Exports of Goods (million USD) | 7,012 | 7,620 | 7,576 | 9,241 | 12,540 |
| Imports of Services (million USD) | 2,606 | 3,224 | 2,105 | 2,490 | 3,490 |
| Exports of Services (million USD) | 1,157 | 1,233 | 655 | 814 | 1,135 |
| Imports of Goods and Services (Annual % Change) | 33 | 9 | -15 | 14 | 31 |
| Exports of Goods and Services (Annual % Change) | 6 | 12 | -5 | -15 | 31 |
| Trade Balance (million USD) | 685 | 1,158 | 1,756 | 1,370 | 1,233 |
| Foreign Trade (in % of GDP) | 126 | 124 | 113 | 119 | 145 |
| Imports of Goods and Services (in % of GDP) | 68 | 65 | 55 | 61 | 75 |
| Exports of Goods and Services (in % of GDP) | 58 | 59 | 58 | 59 | 70 |
Source: WTO – World Trade Organisation ; World Bank - Latest available data.
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| 1.2 bn USD of services exported in 2019 | |
|---|---|
| 41.76% | |
| Personal travelPersonal travel | 37.75% |
| Business travelBusiness travel | 4.01% |
| 31.65% | |
| 18.39% | |
| 4.07% | |
| 3.14% | |
| 0.40% | |
| 0.35% | |
| 0.14% | |
| 0.11% | |
| 3.2 bn USD of services imported in 2019 | |
|---|---|
| 30.57% | |
| 28.75% | |
| Personal travelPersonal travel | 28.51% |
| Business travelBusiness travel | 0.25% |
| 23.99% | |
| 6.58% | |
| 4.53% | |
| 3.26% | |
| 0.82% | |
| 0.76% | |
| 0.71% | |
| 0.03% | |
Source: United Nations Statistics Division, Latest Available Data
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Latest Update: November 2023
