Exports rise by 25.6 percent in OctoberEconomy
Ulaanbaatar/MONTSAME/. According to the first ten months of
2020, Mongolia traded with 143 countries all over the world, and the total
trade turnover reached USD 10.4 billion, of which USD 6.0 billion were exports
and USD 4.4 billion were imports.
Total foreign trade turnover decreased by USD 1.2 billion (10.1%), of which exports decreased by USD 542.5 million (8.3%), and imports decreased by USD 627.6 million (12.4%) compared to the same period of the previous year.
In October, exports and imports reached USD 839.1 million and USD 508.9 million, respectively. Compared to the previous month, exports rose by USD 170.9 million (25.6%), and imports dropped by USD 34.0 million (7.2%).
The trade with China reached USD 6.1 billion in the first ten months of 2020, which accounted for 58.1% of the total external trade turnover.
Bituminous coal and copper concentrates accounted for 38.0% and 30.5% of total exports to China, while gold accounted for 99.8%. 45.5%, and 58.1% of goods exported to Switzerland, Singapore, and the United Kingdom, respectively.
The USD 542.5 million- decrease in the exports was mainly influenced by the decline of copper concentrate export and coal export.
According to the first ten months, 36.8% of the total imports were from China, 25.8% -- from Russia, 7.8% -- from Japan, 4.4% -- from the Republic of Korea, and 4.7% -- from the USA, accounting for 79.6% of the total import.