Exports decreased by 13.4 percent compared to previous year

Economy
unurzul@montsame.mn
2020-10-12 12:37:24

Ulaanbaatar/MONTSAME/. According to the first nine months of 2020, Mongolia traded with 141 countries from all over the world, and the total trade turnover reached USD 9.1 billion, of which USD 5.1 billion were exports and USD 3.9 billion were imports. Total foreign trade turnover decreased by USD 1.5 billion (13.9%), of which exports decreased by USD 799.0 million (13.4%), and imports decreased by USD 670.7 million (14.6%) compared to the same period of the previous year.


In September, exports and imports reached to USD 668.2 million and USD 474.9 million, respectively. Compared to the previous month, exports decreased by USD 22.0 million (3.2%), and imports declined by USD 36.3 million (7.1%).


The foreign trade balance was in surplus of USD 1.2 billion in the first nine months of 2020, while it was in surplus of USD 1.3 billion in the first nine months of 2019, decreased by USD 128.3 million from the same period of the previous year.


The trade with China reached USD 5.2 billion in the first nine months of 2020, making up 57.8% of the total trade turnover. Bituminous coal and copper concentrates accounted for 37.2% and 30.8% of total exports to China, while gold accounted for 99.8%, 57.4%, and 58.6% of goods exported to Switzerland, Singapore, and the United Kingdom, respectively.


According to the first nine months, 37.2% of the total imports were from China, 26.1% -- from Russia, 7.7% -- from Japan, 4.3% -- from the Republic of Korea, and 4.3% -- from the USA, accounting for 79.7% of the total import. 50.2% of the total imports from Russia were petroleum products, 58.6% of the total imports from Japan were cars, and 6.1% of the total imports from China were electricity, 7.7% were trucks, and 86.2% were imports of other products from China.


Exports of mineral products, textiles and textile articles, natural or cultured stones, and precious metals jewelry made up 97.2 percent of the total export. On the other hand, 63.5 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