Exports decreased by 17.1 percent compared to previous year

Economy
unurzul@montsame.gov.mn
2020-08-13 15:52:26

Ulaanbaatar/MONTSAME/. In the first seven months of 2020, Mongolia traded with 135 countries from all over the world, and the total trade turnover reached USD 6.7 billion, of which USD 3.8 billion were exports and USD 2.9 billion were imports. Total foreign trade turnover decreased by USD 1.3 billion (16.7%), of which exports decreased by USD 782.8 million (17.1%) and imports decreased by USD 565.2 million (16.1%) compared to the same period of the previous year.


In July 2020, exports and imports reached to USD 960.5 million and USD 481.9 million, respectively. Compared to the previous month, exports increased by USD 138.6 million (16.9%) and imports increased by USD 14.2 million (3.0%).


The foreign trade balance was in surplus of USD 846.6 million in the first seven months of 2020, while it was in surplus of USD 1.1 billion in the first seven months of 2019, decreased by USD 217.7 million from the same period of the previous year.


Trade with China reached USD 3.6 billion in the first seven months of 2020, which is 53.7% of total trade turnover. Bituminous coal and copper concentrates accounted for 32.6% and 34.0% of total exports to China, while gold accounted for 99.9%, 77.3% and 62.2% of goods exported to Switzerland, Singapore and the United Kingdom, respectively.


The USD 782.8 million decrease in exports was resulted from the decline in exports of USD 324.3 million in copper concentrates and USD 911.0 million in coal.


In the first seven months of 2020, 35.2% of the total imports were from China, 27.0% was from Russia, 8.0% was from Japan, 4.9% was from the USA, and 4.4% was from the Republic of Korea, accounting for 79.5% of total import.


50.5% of the total imports from Russia were petroleum products, 60.4% of the total imports from Japan were cars, and 6.7% of the total imports from China were electricity, 5.6% were trucks and 87.7% were imports of other products from China.


The USD 565.2 million decrease in imports from the same period of the previous year was mainly due to USD 50.8 million decrease in petrol imports, USD 164.5 million decrease in diesel fuel imports, USD 107.5 million decrease in car imports and USD 70.0 million decrease in truck imports.


Exports of mineral products, textiles and textile articles, natural or cultured stones, precious metals jewelry made up of 97.5 percent of the total export. On the other hand, 64.0 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

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