Trade Profile

flag Mongolia Mongolia: Trade Profile

Foreign Trade in Figures

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 20182019202020212022
Imports of Goods (million USD) 5,8756,1285,2996,8468,704
Exports of Goods (million USD) 7,0127,6207,5769,24112,540
Imports of Services (million USD) 2,6063,2242,1052,4903,490
Exports of Services (million USD) 1,1571,2336558141,135
Imports of Goods and Services (Annual % Change) 339-151431
Exports of Goods and Services (Annual % Change) 612-5-1531
Trade Balance (million USD) 6851,1581,7561,3701,233
Foreign Trade (in % of GDP) 126124113119145
Imports of Goods and Services (in % of GDP) 6865556175
Exports of Goods and Services (in % of GDP) 5859585970

Source: WTO – World Trade Organisation ; World Bank - Latest available data.

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To go further, check out our service Import Export Flows

 
 

Main Services

0.8 bn USD of services exported in 2021
71.52%
17.23%
3.41%
2.58%
2.18%
1.76%
0.44%
0.41%
0.29%
0.18%
2.4 bn USD of services imported in 2021
30.38%
30.11%
20.48%
5.95%
4.48%
3.06%
2.19%
1.30%
1.01%
0.98%
0.05%

Source: United Nations Statistics Division, Latest Available Data

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Commercial Policy

International Economic Cooperation
Member of the World Trade Organization (WTO)
Member of Council for mutual economic assistance (CMEA)
Assessment of Commercial Policy
Country’s commercial policy
Average Customs Duty (Excluding Agricultural Products)
4.03%
 
 

Trade Compliance

International Conventions
Member of the World Trade Organization (WTO)
International Economic Cooperation
Member of Council for mutual economic assistance (CMEA)
Useful Resources
 
 
 

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Latest Update: November 2023