Foreign trade balance in surplus of USD 2.4 billion in 2021Economy
Ulaanbaatar/MONTSAME/. In 2021, Mongolia traded with 159
countries from all over the world, and the total trade turnover reached USD
16.1 billion, of which USD 9.2 billion were exports and USD 6.8 billion were
imports. The total foreign trade turnover increased by USD 3.2 billion (25.0
percent), where exports increased by USD 1.7 billion (22.1 percent) and imports
increased by USD 1.5 billion (29.2 percent) compared to the previous year.
In December 2021, exports reached USD 417.3 million, decreased by USD 889.0 million (68.1 percent) and imports reached USD 660.7 million, increased by USD 117.9 million (21.7 percent) compared to the previous month.
The foreign trade balance was in surplus of USD 2.4 billion in 2021, increased by USD 121.1 million (5.3 percent) compared to the previous year. In December 2021, trade balance deficit reached USD 243.4 million and decreased by USD 1.0 billion from previous month. Trade with China reached USD 10.2 billion in 2021, which is 63.1 percent of the total trade turnover.
Bituminous coal and copper concentrates accounted for 32.3 percent and 38.0 percent of total exports to China, respectively, gold accounted for 98.0 percent and 68.2 percent of total export to Switzerland and the Republic of Korea.
In 2021, USD 1.7 billion increase in exports from the previous year was resulted from USD 1.1 billion increase in copper concentrates and USD 652.9 million increase in coal exports.
Also, increase in export was due to rising world prices for mining products. For example, exports of copper concentrate volume decreased by 8.1 percent compared to the previous year, however value increased by 63.1 percent compared to the previous year.
In December of 2021, USD 889.0 million decrease in exports from the previous month was mainly due to USD 460.2 million decrease in coal exports and USD 217.2 million decrease in gold exports.
In 2021, 36.8 percent of the total imports were from China, 28.6 percent -- from Russia, 6.6 percent -- from Japan, 4.5 percent -- from the Republic of Korea, 3.3 percent -- from Germany and 3.1 percent -- from USA, which are accounting for 82.9 percent of the total imports.
In 2021, 51.1 percent of the total imports from Russia were petroleum products, 70.4 percent of the total imports from Japan -- cars, and 5.0 percent of the total imports from China -- electricity, 11.3 percent -- trucks and 83.7 percent -- imports of other products. The USD 1.5 billion increase in imports from the previous year was mainly due to USD 157.7 million increase in diesel, USD 146.4 million increase in petrol, USD 116.2 million increase in trucks, USD 87.8 million increase in cars.
Exports of mineral products, natural or cultured stones, precious metal, jewelry and textile articles products made up 96.4 percent of the total export. On the other hand, 64.6 percent of the total imports was mineral products, machinery, equipment, electric appliances, transport vehicle and its spare parts and food products.
Source: National Statistics Office