Export Decreased by 22.8% Compared to the Previous YearEconomy
Ulaanbaatar, February 25, 2023 /MONTSAME/. Mongolia traded with 107 countries worldwide in January 2023, and the total trade turnover reached USD 1.8 billion, of which exports were USD 1.1 billion and imports were USD 688.0 million.
The total foreign trade turnover increased by USD 669.5 (61.1%) million, where exports increased by USD 538.1 (99.7%) million and imports increased by USD 131.5 (23.6%) million compared to the same period of the previous year. In January 2023, exports decreased by USD 318.0 (22.8%) million, and imports decreased by USD 145.1 (17.4%) million compared to the previous month. The foreign trade balance was in surplus of USD 389.7 million in January 2023, which increased by USD 406.6 million compared to the same period of the previous year, while it decreased by USD 172.9 million from the previous month. Trade with China reached USD 1.2 billion in January 2023, accounting 66.8% of the total trade turnover.
Bituminous coal and copper concentrates accounted for 59.4% and 19.7% of total exports to China, respectively, while gold accounted for 99.9% of the export to Switzerland. Exports increased by 538.1 million US dollars in January 2023 from the same period of the previous year, mainly due to the increase of coal exports by 427.6 million US dollars, the export of zinc ore and concentrate by 25.0 million US dollars, and the export of iron ore and iron concentrate by 23.0 million US dollars respectively. In January 2023, the average border price of gold increased by USD 3.2 thousand per kilogram, the average border price of copper concentrates increased by USD 65.4 per ton, and the average border price of crude petroleum oils increased by USD 1.7 per barrel compared to the previous month. However, the average border price of coal decreased by USD 6.2 per ton.
In January 2023, bituminous coal export volume reached 3.5 million tons, which decreased by 1.1 million tons from the previous month. The value reached USD 565.3 million, down by USD 190.9 million from the previous month. As of January 2023, China accounted for 36.0% of total imports, Russia 29.2%, Japan 9.7%, South Korea 3.5%, the United States 3.3%, and Germany 2.0%, making up 83.7% of total imports.
In January 2023, 73.3% of the total imports from Russia were petroleum products, 70.3% of Japan's imports were cars, and 11.9% of the total imports from China were trucks. The USD 131.5 million increase in imports from the same period of the previous year was mainly due to USD 49.7 million increase in diesel, USD 31.0 million increase in trucks, USD 15.0 million increase in cars, and USD 13.7 million increase in public transport means.
According to the National Statistics Office of
Mongolia, exports of mineral products,
natural or cultured stones, and precious metals accounted for 92.6 percent of the
total export. However, 77.2 percent of the total imports were mineral products,
machinery, equipment and electric appliances, base metals and articles thereof,
transport vehicles and spare parts, and food products.