Улаанбаатар
Export earning rises despite the decline in the volume of some minerals’ exports
Economy
Ulaanbaatar/MONTSAME/. In Mongolia, the mining sector makes
up 24 percent of the country's GDP, 69 percent of the industrial sector, 77
percent of foreign direct investment and 93 percent of exports. According to last
year, total revenue of the state budget was MNT 13,362.3 billion, of which 29.6
percent or MNT 4,114.4 billion was generated by the mining sector alone, reported
the Ministry of Mining and Heavy Industry.
Before the pandemic, Mongolia used to export over 30 million
tons of coal annually, but last year it exported 16,138 thousand tons. Despite
the decline in the volume of mineral exports, the income from export in 2021 was
equal to those of previous years as a result of high commodity prices in the
world market and response to the pandemic. For instance, the country exported 36,265
thousand tons of coal and earned USD 2,803 million in 2018, exported 36,604
thousand tons of coal and earned USD 3,079 million in 2019, 28,677 thousand
tons and earned USD 2,127 million in 2020, as well as exported 16,138 thousand
tons of coal and earned USD 2,779 million in 2021.
In 2021, the price for copper concentrate rose. In 2017, it
exported 1,447 thousand tons of copper concentrate and ore and earned USD 1,613
million from it, while last year the country sold 1,283 thousand tons and
earned USD 2,900 million.
Eighty-five percent of coal exports go through
Gashuunsukhait and Shiveekhuren border crossings, 54 percent of copper
concentrate exports -- through Gashuunsukhait and 46 percent -- through
Zamyn-Uud border crossing.
