Mongolia Trade 2018 in a Glance
Updated: Aug 27, 2019
As of December 2018, Mongolia registered a significant growth with foreign trade turnover by 24.3 percent in 2018, It’s an increment of 13.1 percent to 7.0 billion dollars in Export, while imports increased 35.5 percent to 5.9 billion U.S. dollars in Year 2018.
Mongolia is fully rich in natural resources such as oil, gold, silver, iron, coal, copper, molybdenum, tungsten, phosphates etc. Mongolia is agriculture-based Country and these large mineral deposits are attracting to investing of global interest, so basically the richness of these resources is the reason of transformation of Mongolia.
TOP EXPORTING PRODUCTS
Mining Products (Copper ores and concentrates, Coal, Crude oil, Iron ores and concentrates, Zinc ores and concentrates, Fluorspar, Leucite, Nepheline Etc.) ranked as top exporting category from Mongolia. While Animal product category (Live animals, meat, Leather, Skins, Wool) is on 2nd place. Horticulture Products, Apparel, footwear etc. are the other exporting categories.
TOP TRADING DESTINATION PARTNER COUNTRIES FOR EXPORT The reason of progress of mining industry in Mongolia as its located in Northern Asia, between Russia and China which is its biggest trade partner. The demand for mineral commodities in China is constantly stimulating the production in Mongolia. So, in 2018, China marked as Mongolia's major export destination. Among the all countries in which Mongolia exported its goods and services, China is participating of about 85 percent of the total of Mongolia’s exportation.
The top export destinations of Mongolia with total value are
TOP IMPORTING PRODUCTS
Consumer goods enlarged by USD 130 million as a result of the increase in quantity of imports. Capital goods import increased by 48%, while fuels import increased by 48%. Chemical product, Yarn, fabrics, textiles, leather ranked as other importing categories.
TOP TRADING ORIGIN COUNTRIES FOR IMPORT
The top Import origins with total exported values are China USD 1.45 Billion, Russia USD 1.20 Billion, Japan USD 390 Million, South Korea USD 200 Million and United States USD 195 Million.
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