Улаанбаатар
Export decreased by 8.9 percent compared to previous month
Economy
Ulaanbaatar /MONTSAME/. In the first 9 months of 2021, Mongolia traded with 147 countries from all over the world, and the total trade turnover reached USD 11.5 billion, of which USD 6.4 billion were exports and USD 5.1 billion were imports.
The total foreign trade turnover increased by USD 2.5 billion (27.1%), where exports increased by USD 1.3 billion (24.4%) and imports increased by USD 1.2 billion (30.5%) compared to the same period of the previous year.
In September 2021, exports reached USD 806.3 million, decreased by USD 78.9 million (8.9%) and imports reached USD 652.6 million, increased by USD 16.9 million (2.7%) compared to the previous month.
The foreign trade balance was in surplus of USD 1.3 billion in the first 9 months of 2021, increased by USD 59.3 million compared to the previous year. In September 2021, Trade balance surplus reached USD 125.4 million and decreased by USD 124.1 million from previous month.
Trade with China reached USD 7.7 billion in the first 9 months of 2021, which is 66.9% of the total trade turnover.
Bituminous coal and copper concentrates accounted for 25.0% and 40.8% of total exports to China, respectively, gold accounted for 99.6% and 75.3% of total export to Switzerland and the Republic of Korea.
In the first 9 months of 2021, USD 1.3 billion increase in exports from the previous year was resulted from USD 384.5 million increase in iron ores and concentrates and USD 1.1 billion increase in copper concentrates exports.
Also, increase in export was due to rising world prices for mining products. For example, exports of copper concentrate volume same as compared to the previous year. However value increased by 97.8 percent compared to the previous year.
In the first 9 months of 2021, 40.3% of the total imports were from China, 26.3% was from Russia, 6.4% was from Japan, 4.3% was from the Republic of Korea, 3.4% was from Germany and 3.1 was from USA, which are accounting for 83.7% of the total imports.
The USD 1.2 billion increase in imports from the previous year was mainly due to USD 37.3 million increase in wheat, USD 137.7 million increase in trucks, USD 58.7 million increase in cars and USD 101.5 million increase in diesel.
Exports of mineral products, natural or cultured stones, precious metal, jewelry and textile articles products made up 95.4 percent of the total export. On the other hand, 63.7 percent of the total imports was mineral products, machinery, equipment, electric appliances, transport vehicle and its spare parts and food products.
