Foreign Trade Turnover Reaches USD 7.7 BillionEconomy
Ulaanbaatar, May 18, 2023 /MONTSAME/. In the first four months of this year, Mongolia traded with 134 countries. Foreign trade turnover amounted to USD 7.7 billion, of which export is USD 5.1 billion and import USD 2.7 billion.
Total turnover increased by USD 2.6 billion (50.5%), specifically exports by USD 2.3 billion (81.8%), and imports by USD 310.5 million (13.2%) compared to the same period of the previous year. However, in April of this year, exports decreased by USD 198.7 million (13.1%), and imports by USD 20.2 million (2.7%) compared to the previous month.
The foreign trade balance in the first four months of 2023 indicated a surplus of USD 2.4 billion, an increase of USD 2 billion (5.4 times) compared to the same period of the previous year. However, in April of this year, there was a profit of USD 597.7 million, which decreased by USD 178.5 million (23%) from the previous month. According to the National Statistics Committee, trade with China in the first four months of this year amounted to USD 5.7 billion accounting for 74.2% of the total foreign trade turnover.
Coal accounted for 64%, copper concentrate amounted to 17.9% of goods exported to China, while gold accounted for 99.9% of export to Switzerland. In the first four months of this year, exports increased by USD 2.3 billion compared to the same period of the last year, mainly due to the increase of USD 2 billion in coal, USD 67 million in canned meat products, USD 48.5 million in iron ore and concentrates, USD 44.2 million in horse meat, and USD 41.5 million in fluorspar ore and concentrates.
In April of this year, the average border price of gold increased by USD 3 thousand per kilogram, the average border price of iron ore and concentrate increased by USD 4 per ton, the average border price of copper concentrate decreased by USD 73.5 per ton, and the average border price of coal dropped by USD 9.9 per ton. In April of this year, the physical volume of coal exports reached 5.5 million tons, which is 0.7 million tons less than the previous month, and the value was USD 829.7 million, which decreased by USD 157.8 million.
As of the first four months of 2023, China accounted for 39%, Russia 26.7%, Japan 7.7%, South Korea 4.3%, the USA 3.1%, and Germany 2.7%, making up 83.5% of total imports. Oil products accounted for 71.7% of goods imported from Russia, passenger cars accounted for 66.9% of goods imported from Japan, and trucks – 10.5% of goods imported from China. Imports increased by USD 310.5 million compared to the same period of the previous year. Diesel fuel increased by USD 127.7 million, trucks by USD 79 million, bulldozers, levelers, and excavators by USD 28.1 million, public transport vehicles by USD 21.7 million, new tires by USD 21.2 million, and passenger cars by USD 20.2 million.
Mineral products, precious stones, metals, jewelry, and textile products account for 93.6% of total exports, while 76.7% of imports are mineral products, machinery and equipment, electrical appliances, vehicles, spare parts, basic metals, products made from them, and food products.