Ulaanbaatar
External trade in first 11 months
EconomyUlaanbaatar /MONTSAME/ By November of 2015, the total cumulative trade turnover decreased by 22.8% (USD 2,285.0 million) from that of the previous year, reaching USD 7,737.5 million, the Bank of Mongolia reported Friday.
The decrease in the trade turnover happened due to the decrease in imports by USD 1,337.5 million. The country’s external trade with China accounted for 62.4% or USD 4,831.9 million and with Russia--for 13.0% or USD 1,002.6 million. The Mongolia-Russia trade turnover declined by 21.9%, and the Mongolia-China trade turnover--by 32.5%.
The cumulative trade balance improved by USD 390.0 million against the previous year, reaching USD 748.2 million. In the period, even though the total exports decreased 18.3%, imports decreased by 27.7% against the previous year. The trade balance thus improved by USD 390.0 million.
The three-month moving average value of the difference between annual growth rates of exports and imports started to decline since the beginning of 2015. The high export growth rate during 2014 was due to the exports of copper concentrate and it started to stabilize.
The trade balance of paid trade flows reached USD 1,041.2 million in the first 11 months of this year. In this period, paid imports decreased 30.6%, and paid--by 19.1% against the previous year.
Terms of trade index (2012 base year) decreased 21.3%, reaching 1.254 by November of 2015 against the previous year. This decrease in the terms of trade is mainly attributed to the decrease in export price of copper concentrate, iron ore and crude oil.
