Export Increases by 8.2 PercentEconomy
Ulaanbaatar, March 31, 2023 /MONTSAME/. According to the National Statistics Office of Mongolia, in the first two months of 2023, Mongolia traded with 118 countries from all over the world, and the total trade turnover reached USD 3.4 billion, of which USD 2.2 billion were exports and USD 1.2 billion were imports.
The total foreign trade turnover increased by USD 1.5 billion (55.2 percent), where imports increased by USD 160.5 million (15.5 percent) and exports increased by USD 1.1 billion (90.1 percent) compared to the same period of the previous year.
In February 2023, exports increased by USD 88.1 million (8.2 percent) and imports decreased by USD 177.8 million (25.8 percent) compared to the previous month.
The foreign trade balance was in surplus of USD 1 billion, an increase of 7.3 times compared to the same period of the previous year. In February 2023, the trade balance surplus increased by USD 265.9 million from previous month. Trade with China reached USD 2.5 billion in the first two months, which is standing for 71.4 percent of the total trade turnover.
Copper concentrates and bituminous coal accounted for 18.3 percent and 61.1 percent of total exports to China, respectively, gold accounted for 99.9 percent of total export to Switzerland.
Exports increased by USD 1.1 billion in the first two months of 2023, mainly due to the increase of exports of coal by USD 955 million, zinc ore and concentrate by USD 4.2 million, iron ore concentrate by USD 39.5 million and fluorspar ore and concentrate by USD 22.4 million.
During the same period, 35.5 percent of the total imports from China, 28.1 percent from Russia, 8.7 percent from Japan, 4.3 percent from South Korea, 3.4 percent from the USA, and 2.3 percent from Germany, collectively constitute 82.4 percent of the total import.
Exports of mineral products, natural or cultured stones, and precious metals accounted for 93.4 percent of the total export. However, 77 percent of the total imports were mineral products, machinery, equipment and electric appliances, base metals and articles thereof, transport vehicles and spare parts, and food products.