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 | 31 | n/a |
Exports of Goods and Services (Annual % Change) | 12 | -5 | -15 | 31 | n/a |
Trade Balance (million USD) | 1,158 | 1,756 | 1,370 | 1,233 | n/a |
Foreign Trade (in % of GDP) | 124 | 113 | 119 | 145 | n/a |
Imports of Goods and Services (in % of GDP) | 65 | 55 | 61 | 75 | n/a |
Exports of Goods and Services (in % of GDP) | 59 | 58 | 59 | 70 | n/a |
Source: WTO – World Trade Organisation ; World Bank - Latest available data.
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1.6 bn USD of services exported in 2023 | |
---|---|
42.85% | |
Air transportAir transport | 11.09% |
FreightFreight | 4.19% |
OtherOther | 3.78% |
PassengerPassenger | 3.12% |
33.75% | |
Personal travelPersonal travel | 32.71% |
OtherOther | 28.04% |
Health-related expenditureHealth-related expenditure | 2.55% |
Education-related expenditureEducation-related expenditure | 2.12% |
Business travelBusiness travel | 1.04% |
OtherOther | 1.04% |
13.63% | |
Miscellaneous business,...Miscellaneous business, professional, and technical services | 13.20% |
Research and developmentResearch and development | 0.43% |
4.06% | |
Construction in the compiling...Construction in the compiling economy | 4.06% |
2.81% | |
1.40% | |
0.96% | |
Telecommunications servicesTelecommunications services | 0.96% |
0.23% | |
0.20% | |
Other personal, cultural, and...Other personal, cultural, and recreational services | 0.20% |
0.10% |
4.1 bn USD of services imported in 2023 | |
---|---|
34.54% | |
Air transportAir transport | 7.15% |
PassengerPassenger | 3.02% |
FreightFreight | 2.71% |
OtherOther | 1.42% |
30.91% | |
Personal travelPersonal travel | 30.73% |
OtherOther | 12.95% |
Education-related expenditureEducation-related expenditure | 12.80% |
Health-related expenditureHealth-related expenditure | 4.97% |
Business travelBusiness travel | 0.18% |
OtherOther | 0.18% |
21.33% | |
Miscellaneous business,...Miscellaneous business, professional, and technical services | 21.21% |
Research and developmentResearch and development | 0.13% |
3.92% | |
Construction in the compiling...Construction in the compiling economy | 3.92% |
3.03% | |
2.21% | |
Telecommunications servicesTelecommunications services | 2.21% |
1.73% | |
0.81% | |
ReinsuranceReinsurance | 0.72% |
0.78% | |
0.65% | |
0.07% | |
Other personal, cultural, and...Other personal, cultural, and recreational services | 0.07% |
Source: United Nations Statistics Division, Latest Available Data
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Latest Update: May 2024