Mongolia: Trade Profile

Foreign Trade in Figures

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	2020	2021	2022	2023	2024
Imports of Goods (million USD)	5,299	6,846	8,704	9,250	11,613
Exports of Goods (million USD)	7,576	9,241	12,539	15,187	15,783
Imports of Services (million USD)	2,083	2,465	3,465	4,152	4,593
Exports of Services (million USD)	651	811	1,132	1,583	1,562
Imports of Goods and Services (Annual % Change)	-15	14	29	19	17
Exports of Goods and Services (Annual % Change)	-5	-15	32	33	1
Trade Balance (million USD)	1,756	1,370	1,233	4,549	3,081
Foreign Trade (in % of GDP)	113	119	136	143	138
Imports of Goods and Services (in % of GDP)	55	61	71	67	70
Exports of Goods and Services (in % of GDP)	58	59	65	76	69

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

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Main Services

1.6 bn USD of services exported in 2023
TransportationTransportation +	42.85%
Air transportAir transport	11.09%
FreightFreight	4.19%
OtherOther	3.78%
PassengerPassenger	3.12%
TravelTravel +	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%
Other business servicesOther business services +	13.63%
Miscellaneous business,...Miscellaneous business, professional, and technical services	13.20%
Research and developmentResearch and development	0.43%
Construction servicesConstruction services +	4.06%
Construction in the compiling...Construction in the compiling economy	4.06%
Computer and information servicesComputer and information services	2.81%
Financial servicesFinancial services	1.40%
Communications servicesCommunications services +	0.96%
Telecommunications servicesTelecommunications services	0.96%
Government servicesGovernment services	0.23%
Cultural and recreational servicesCultural and recreational services +	0.20%
Other personal, cultural, and...Other personal, cultural, and recreational services	0.20%
Royalties and license feesRoyalties and license fees	0.10%

4.1 bn USD of services imported in 2023
TransportationTransportation +	34.54%
Air transportAir transport	7.15%
PassengerPassenger	3.02%
FreightFreight	2.71%
OtherOther	1.42%
TravelTravel +	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%
Other business servicesOther business services +	21.33%
Miscellaneous business,...Miscellaneous business, professional, and technical services	21.21%
Research and developmentResearch and development	0.13%
Construction servicesConstruction services +	3.92%
Construction in the compiling...Construction in the compiling economy	3.92%
Financial servicesFinancial services	3.03%
Communications servicesCommunications services +	2.21%
Telecommunications servicesTelecommunications services	2.21%
Computer and information servicesComputer and information services	1.73%
Insurance servicesInsurance services +	0.81%
ReinsuranceReinsurance	0.72%
Royalties and license feesRoyalties and license fees	0.78%
Government servicesGovernment services	0.65%
Cultural and recreational servicesCultural and recreational services +	0.07%
Other personal, cultural, and...Other personal, cultural, and recreational services	0.07%

Source: United Nations Statistics Division, Latest Available Data

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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