Ulaanbaatar, September 18, 2024 /MONTSAME/. Mongolia engaged in trade with 155 countries in the first eight months of this year, achieving a total foreign trade turnover of USD 18.1 billion. According to the National Statistics Office, exports reached USD 10.6 billion, imports amounted to USD 7.5 billion, and the trade balance recorded a surplus of USD 3.1 billion.

The trade turnover increased by USD 2.2 billion (13.6 percent), of which exports by USD 620 million (6.2 percent), and imports by USD 1.6 billion (26.2 percent), compared to the same period last year. Therefore, the trade balance decreased by USD 935.6 million (23 percent).

The export growth of USD 620 million in the first eight months of this year compared to the same period last year was driven by an increase in the export of coal by USD 372.5 million, copper concentrates by USD 195.9 million, and unprocessed or semi-processed gold by USD 159.7 million. Meanwhile, the export of zinc ore and concentrates decreased by USD 68.3 million, and canned meat products by USD 50.1 million.

The import growth of USD 1.6 billion was influenced by the increase in passenger cars by USD 238.3 million, trucks by USD 212 million, diesel fuel by USD 144.3 million, bulldozers, scrapers, rollers, graders, and excavators by USD 118 million, telecommunication devices by USD 64.9 million, and gasoline by USD 47.9 million.

In August 2024, exports decreased by USD 21.3 million (1.5 percent) compared to the previous month, while imports grew by USD 57.3 million (5.5 percent). Notably, during the first eight months of the year, the average border price of gold increased by USD 323.7 per ounce, copper concentrates by USD 149.9 per ton, and iron ore and concentrates by USD 5.2 per ton compared to the same period last year, while coal prices decreased by USD 24.9 per ton.

Of Mongolia's exports to China, 63.5 percent consisted of coal, and 20.2 percent of copper concentrates, while 99.5 percent of exports to Switzerland consisted of unprocessed or semi-processed gold. Mongolia exported 1,403.2 tons of flour in the first eight months, an increase of 1,377.4 tons (54.4 times) compared to the same period last year. In addition, mineral products, precious stones, metals, jewelry, and textiles accounted for 96.4 percent of total exports, while 72.3 percent of imports consisted of mineral products, machinery, electrical equipment, vehicles and parts, and basic metals and their products.

In the first eight months of the year, 70.8 percent of Mongolia's imports from Russia were petroleum products, 78.4 percent of imports from Japan were passenger cars, and 12 percent of imports from China were trucks. Mongolia imported 38.1 thousand tons of flour, an increase of 34.7 thousand tons (11.2 times) compared to the same period last year.

During this period, 46.2 percent of Mongolia’s exports passed through the Gashuunsukhait border point, 19.1 percent through Zamiin-Uud, and 13.5 percent through the Shiveekhuren border point, accounting for 78.7 percent of total exports. Meanwhile, 51 percent of imports entered through Zamiin-Uud and 22.1 percent through the Sukhbaatar border point, totaling 73.1 percent of all imports.