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	2017	2018	2019	2020	2021
Imports of Goods (million USD)	4,337	5,875	6,127	5,294	6,849
Exports of Goods (million USD)	6,201	7,012	7,620	7,576	9,247
Imports of Services (million USD)	2,154	2,584	3,200	2,083	2,051
Exports of Services (million USD)	964	1,154	1,228	651	719
Imports of Goods and Services (Annual % Change)	12	33	9	-15	14
Exports of Goods and Services (Annual % Change)	4	6	12	-5	-15
Trade Balance (million USD)	1,490	685	1,158	1,756	1,370
Foreign Trade (in % of GDP)	116	126	124	113	119
Imports of Goods and Services (in % of GDP)	57	68	65	55	61
Exports of Goods and Services (in % of GDP)	59	58	59	58	59

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

To go further, check out our service Import Export Flows

Main Services

1.2 bn USD of services exported in 2019
TravelTravel +	41.76%
Personal travelPersonal travel	37.75%
Business travelBusiness travel	4.01%
TransportationTransportation	31.65%
Other business servicesOther business services	18.39%
Computer and information servicesComputer and information services	4.07%
Construction servicesConstruction services	3.14%
Financial servicesFinancial services	0.40%
Government servicesGovernment services	0.35%
Cultural and recreational servicesCultural and recreational services	0.14%
Royalties and license feesRoyalties and license fees	0.11%

3.2 bn USD of services imported in 2019
TransportationTransportation	30.57%
TravelTravel +	28.75%
Personal travelPersonal travel	28.51%
Business travelBusiness travel	0.25%
Other business servicesOther business services	23.99%
Financial servicesFinancial services	6.58%
Construction servicesConstruction services	4.53%
Computer and information servicesComputer and information services	3.26%
Royalties and license feesRoyalties and license fees	0.82%
Government servicesGovernment services	0.76%
Insurance servicesInsurance services	0.71%
Cultural and recreational servicesCultural and recreational services	0.03%

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)
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