Export increased by USD 254.9 million compared to the previous monthEconomy
Ulaanbaatar/MONTSAME/. In the first eight months of 2021, Mongolia
traded with 144 countries from all over the world, and the total trade turnover
reached USD 10.1 billion, of which USD 5.6 billion were exports and USD 4.5
billion were imports. The total foreign trade turnover increased by USD 2.2
billion (27.3%), where exports rose by USD 1.1 billion (25.6%) and imports rose
by USD 1.0 billion (29.6%) compared to the same period of the previous year.
In August 2021, exports reached USD 885.2 million, increased by USD 254.9 million (40.4%) and imports reached USD 635.8 million, increased by USD 58.7 million (10.2%) compared to the previous month.
The foreign trade balance was in surplus of USD 1.2 billion in the first eight months of 2021, increased by USD 127.2 million compared to the previous year. The trade with China reached USD 6.8 billion in the first eight months of 2021, which made up 67.3% of the total trade turnover.
Bituminous coal and copper concentrates accounted for 24.1% and 39.6% of total exports to China, respectively, gold accounted for 99.5% and 81.3% of total export to Switzerland and the Republic of Korea.
In the first 8 months of 2021, USD 1.1 billion increase in exports from the previous year was resulted from the USD 365.6 million increases in Iron ores and concentrates, USD 982.0 million increase in copper concentrates exports and USD 140.0 million increase in coal exports.
Also, increase in export was due to rising world prices for mining products. For example, in the first 8 months of 2021, exports of copper concentrate volume decreased by 1.3 percent, however value increased by 97.1 percent compared to the previous year.
In the first 8 months of 2021, 39.4% of the total imports were from China, 27.0% -- from Russia, 6.6% -- from Japan, 4.3% -- from the Republic of Korea and 3.4% -- from Germany, which are accounting for 80.8% of the total imports.
In the first 8 months of 2021, 50.3% of the total imports from Russia were petroleum products, 69.4% of the total imports from Japan were cars, and 4.7% of the total imports from China were electricity, 14.3% were trucks and 81.0% were imports of other products.
The USD 1.0 billion increase in imports from the previous year was mainly due to USD 38.1 million increases in wheat, USD 145.4 million increases in trucks, USD 57.9 million increases in cars and USD 92.9 million increases in diesel.
Exports of mineral products, natural or cultured stones, precious metal, jewelry and textile articles products made up 95.0 percent of the total export.