Mongòlia: Perfil comercial
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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| 0.8 bn USD of services exported in 2021 | |
|---|---|
| 71.52% | |
| Air transportAir transport | 16.43% |
| OtherOther | 9.78% |
| FreightFreight | 5.21% |
| PassengerPassenger | 1.44% |
| 17.23% | |
| Miscellaneous business,...Miscellaneous business, professional, and technical services | 16.60% |
| Research and developmentResearch and development | 0.63% |
| 3.41% | |
| Construction in the compiling...Construction in the compiling economy | 3.41% |
| 2.58% | |
| Personal travelPersonal travel | 2.22% |
| Education-related expenditureEducation-related expenditure | 1.18% |
| OtherOther | 0.66% |
| Health-related expenditureHealth-related expenditure | 0.39% |
| Business travelBusiness travel | 0.36% |
| OtherOther | 0.36% |
| 2.18% | |
| Telecommunications servicesTelecommunications services | 2.18% |
| 1.76% | |
| 0.44% | |
| 0.41% | |
| 0.29% | |
| Other personal, cultural, and...Other personal, cultural, and recreational services | 0.29% |
| 0.18% | |
| 2.4 bn USD of services imported in 2021 | |
|---|---|
| 30.38% | |
| Personal travelPersonal travel | 30.25% |
| Education-related expenditureEducation-related expenditure | 18.80% |
| OtherOther | 10.67% |
| Health-related expenditureHealth-related expenditure | 0.78% |
| Business travelBusiness travel | 0.13% |
| OtherOther | 0.13% |
| 30.11% | |
| Air transportAir transport | 6.58% |
| FreightFreight | 3.49% |
| OtherOther | 1.67% |
| PassengerPassenger | 1.42% |
| 20.48% | |
| Miscellaneous business,...Miscellaneous business, professional, and technical services | 20.27% |
| Research and developmentResearch and development | 0.22% |
| 5.95% | |
| Construction in the compiling...Construction in the compiling economy | 5.95% |
| 4.48% | |
| 3.06% | |
| Telecommunications servicesTelecommunications services | 3.06% |
| 2.19% | |
| 1.30% | |
| 1.01% | |
| 0.98% | |
| ReinsuranceReinsurance | 0.82% |
| 0.05% | |
| Other personal, cultural, and...Other personal, cultural, and recreational services | 0.05% |
Source: United Nations Statistics Division, Latest Available Data
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Latest Update: May 2024
