Mongolia Trade 2018 in a Glance
Mongolia is fully rich in natural resources such as oil, gold, silver, iron, coal, copper, molybdenum, tungsten, phosphates, etc.
As of December 2018, Mongolia registered significant growth with foreign trade turnover by 24.3 percent in the year 2018, It’s an increment of 13.1 percent to 7.0 billion dollars in exports, while imports increased 35.5 percent to 5.9 billion U.S. dollars in the Year 2018.
Mongolia is fully rich in natural resources such as oil, gold, silver, iron, coal, copper, molybdenum, tungsten, phosphates, etc. Mongolia is an agriculture-based Country and these large mineral deposits are attractive to investing of global interest, so basically the richness of these resources is the reason of the transformation of Mongolia.
TOP EXPORTING PRODUCTS
Mining Products (Copper ores and concentrates, Coal, Crude oil, Iron ores and concentrates, Zinc ores and concentrates, Fluorspar, Leucite, Nepheline Etc.) ranked as the top exporting category from Mongolia. While the animal product category (Live animals, meat, Leather, Skins, Wool) is in 2nd place. Horticulture Products, Apparel, footwear, etc. are the other exporting categories.
TOP TRADING DESTINATION PARTNER COUNTRIES FOR EXPORT
The reason for the progress of the mining industry in Mongolia as its located in Northern Asia, between Russia and China which is its biggest trade partner. The demand for mineral commodities in China is constantly stimulating production in Mongolia. So, in 2018, China was marked as Mongolia's major export destination. Among the all countries in which Mongolia exported its goods and services, China is participating in about 85 percent of the total of Mongolia’s exportation.
The top export destinations of Mongolia with total values are:
TOP IMPORTING PRODUCTS
Consumer goods enlarged by USD 130 million as a result of the increase in the number of imports. Capital goods import increased by 48%, while fuel import increased by 48%. Chemical products, Yarn, fabrics, textiles, and leather ranked as other importing categories.
TOP TRADING ORIGIN COUNTRIES FOR IMPORT
The top Import origins with total exported values are China USD 1.45 Billion, Russia USD 1.20 Billion, Japan USD 390 Million, South Korea USD 200 Million, and the United States USD 195 Million.
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