Export Increased by 22.7 Percent in Mongolia

In January 2024, Mongolia traded with 115 countries, and the foreign trade turnover reached USD 2.3 billion. Out of this, export reached USD 1.3 billion, imports reached USD 936 million, and the balance showed a profit of USD 388.9 million, Azernews reports, citing Montsame new agency.

The National Statistics Office reported that the total turnover increased by USD 491.8 (27.8 percent) million, exports by USD 244.8 (22.7 percent) million, imports by USD 247 (35.8 percent) million, and balance decreased by USD 2.1 (0.5 percent) million.

In January 2024, exports increased by USD 244.8 million compared to the same period last year, due to the increase of coal export by USD 240.5 million, copper ore and concentrate export by USD 36.6 million, and iron ore and concentrate export by USD 21.3 million.

Imports increased by USD 247 million compared to the same period last year, including passenger car import by USD 60.1 million, petrol import by USD 32.2 million, public transport vehicle import by USD 28.1 million, telecommunications equipment import by USD 10.2 million, bulldozers, automatic scrapers, road rollers, leveling machines, excavators import by USD 9.6 million, black metal structures, parts and construction materials import by USD 8.9 million.

In addition, in January 2024, the price of gold increased by USD 35.4 per ounce, the price of coal by USD 3.1 per ton, the price of copper concentrate by USD 138.6 per ton, and the price of iron ore and concentrate decreased by USD 5.2 per ton. Coal accounted for 66.8 percent of goods exported to China, copper concentrate accounted for 18.3 percent, and silver accounted for 74.6 percent of goods exported to Switzerland. Exports of mineral products, precious stones, metals, jewelry, and textile products accounted for 95.5 percent of total exports, while 76 percent of imports were mineral products, machinery and equipment, electrical appliances, vehicles, their parts, and ready-made food products. However, the export of lamb and goat meat in January 2024 reached 2592.7 tons, which increased by 2573.3 (134 times) tons compared to the same period of the previous year.

As for imports, the People's Republic of China accounted for 38.9 percent, the Russian Federation for 26 percent, Japan for 13.3 percent, the Republic of Korea for 3.4 percent, the United States for 2.5 percent, and the Federal Republic of Germany for 2.3 percent, making up 86.4 percent of total imports. Petroleum products accounted for 70.6 percent of goods imported from the Russian Federation, passenger cars accounted for 84.9 percent of goods imported from Japan, and public transport vehicles accounted for 11.2 percent of goods imported from the People's Republic of China.

In January 2024, 46.6 percent of exports were made through Gashuunsukhait port, 16.9 percent through Zamyn-Uud port, and 13.6 percent through Shiveekhuren port, making up 77.1 percent of total exports. 55.4 percent of imports were made through Zamyn-Uud port and 22.9 percent through Sukhbaatar port, which accounted for 78.4 percent of total imports.