Mongolia's total trade turnover reached 1.5 billion USD in the first two months of 2020, with export exceeding import by 20.7 million USD, reported the General Customs Office on Monday.
Although trade turnover came out positive, it has declined by 410.4 million USD, or 21.3 percent, compared to the same period of 2019. In particular, Mongolia exported products worth 770.7 million USD in the first two months, down year-over-year by 29.5 percent.
Breakdown of exported goods
January and February export highlights:
All exports of crude oil, iron ore, copper concentrate and zinc concentrate went to China. 95.8 percent of coal was shipped to China.
On the other hand, import reached 750 million USD in the reference period, showing a year-over-year decrease of 87.5 million USD, or 10.4 percent. Imported products were as follows:
In the first two months of 2020, products worth 3.5 million USD was imported with assistance from international financial and economic organizations and donors. By country, 35.1 percent of these products came from Austria, 21.5 percent from Germany, 17.1 percent from Switzerland, and 10 percent from China. According to the General Customs Office, Austria sent Mongolia half of all received relief goods, followed by the USA (19 percent) and China (8.5 percent).
With loans from donor countries and international financial and economic institutions, products worth 19.9 million USD were imported to Mongolia, of which 71 percent came from China, 10.8 percent from Austria and seven percent from India.
Products worth 49.7 million USD was supplied to Mongolia with foreign investment and most of them were imported from Russia, taking up 98.5 percent.