Ulaanbaatar
Exports decreased by 16.9 percent compared to previous year
Economy
Ulaanbaatar/MONTSAME/. In the first eight months of 2020,
Mongolia traded with 139 countries from all over the world, and the total trade
turnover reached USD 7.9 billion, of which USD 4.5 billion were exports and USD
3.5 billion were imports. Total foreign trade turnover decreased by USD 1.5 billion
(16.3%), of which exports decreased by USD 908.2 million (16.9%), and imports
decreased by USD 638.0 million (15.6%) compared to the same period of the previous
year.
In August 2020, exports and imports reached to USD 690.2
million and USD 511.2 million, respectively. Compared to the previous month,
exports decreased by USD 270.3 million (28.1%) and imports increased by USD 29.3
million (6.1%).
The foreign trade balance was in surplus of USD 1.0 billion
in the first eight months of 2020, while it was in surplus of USD 1.3 billion
in the first eight months of 2019, decreased by USD 270.2 million from the
same period of the previous year.
Trade with China reached USD 4.4 billion in the first eight
months of 2020, which is 55.8% of total trade turnover. Bituminous coal and
copper concentrates accounted for 35.1% and 31.9% of total exports to China, while
gold accounted for 99.8%, 65.9% and 59.2% of goods exported to Switzerland,
Singapore, and the United Kingdom, respectively.
The USD 908.2 million decrease in exports was resulted from
the decline in exports of USD 317.7 million in copper concentrates and USD
967.7 million in coal.
Gold exports increased by USD 802.2 million (3.3 times more)
compared to the same period of the previous year.
In the first eight months of 2020, 36.4% of the total
imports were from China, 26.8% -- from Russia, 7.8% -- from Japan, 4.5% -- from
the USA, and 4.3% -- from the Republic of Korea, accounting for 79.8% of the total
import.
50.3% of the total imports from Russia were petroleum
products, 58.8% of the total imports from Japan were cars, and 6.3% of the
total imports from China were electricity, 7.5% were trucks, and 86.2% were
imports of other products from China.
The USD 638.0 million decrease in imports from the same
period of the previous year was mainly influenced by the decline in the petrol
imports, diesel fuel imports, car imports as well as the decline in truck
imports.
Exports of mineral products, textiles and textile articles,
natural or cultured stones, precious metals jewelry made up of 97.4 percent of
the total export. On the other hand, 63.9 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
