Deficit in trade balance reaches USD 14.3 millionEconomy
Ulaanbaatar/MONTSAME/. In January 2020, Mongolia traded with 116 countries from all over the world and total trade turnover reached USD 932.3 million, of which USD 459.0 million were exports and USD 473.3 million were imports. Total foreign trade turnover decreased by USD 178.9 million (16.1%), of which exports decreased by USD 148.2 million (24.4%) and imports decreased by USD 30.7 million (6.1%) compared to the same period of the previous year.
The surplus of foreign trade balance reached USD 103.3 million in January 2019, while the deficit of balance reached USD 14.3 million in January 2020 and decreased by USD 117.5 million from the same period of 2019.
Our two neighbors, China and Russia have the highest share to total foreign trade turnover and trade with China reached USD 561.2 million in January 2020, which shares 60.2% of total trade turnover and 95.1% of exports.
Coal accounted for 44.2% and copper concentrates for 26.1% of total exports to China, while coal accounted for 92.4% and 87.3% of goods exported to the United Kingdom and Singapore respectively, and fluoride accounted for 90.7% of total export goods to Russian Federation.
In January 2020, the share to total imports by main countries shows that Russia was 40.3%, China -- 6.4%, Japan -- 6.9%, Germany -- 4.4% and the USA -- 3.2% and these countries share to total imports was 81.2%.
Petroleum products make up 59.8 % of the total imports from Russia. Automobiles make up 72.1 percent of the total imports from Japan. In contrast, electricity import accounts for 8.2 % in the total imports from China, trucks’ import--2.0%, and remaining consists of different types of products.
The export was decreased by USD 148.2 million as compared with the same period of the previous year, which was mainly influenced by the decrease of USD 43.2 million in the export of copper concentrates and gold, which was not exported during the reference period.
The USD 30.7 million decrease in imports from the same period of the previous year was mainly due to USD 15.4 million decrease in car imports and USD 10.8 million decrease in truck import.
Exports of mineral products, textiles and textile articles, natural or cultured stones, precious metals jewelry made up 96.2 percent of total export. On the other hand, 74.2 percent of imports was mineral products, machinery, equipment, electric appliances, transport vehicle, and its spare parts and food products.
Source: National Statistics Office