Foreign trade turnover comes out positive
- By Dulguun Bayarsaikhan -
- Mar 10,2020
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
- Mineral products amounted to 639.7 million USD (83 percent of total exports)
- Jewelry and accessories amounted to 80.4 million USD (10.4 percent)
- Knitted and wool products amounted to 19.1 2.6 million USD (2.5 percent)
- Raw and processed leather and animal skin, fur and hide amounted to 2.6 million USD (0.3 percent)
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.
- 70.2 percent of fluorspar was exported to China and 29.4 percent to Russia.
- The majority of processed and unprocessed skin of cow and horses were exported to China.
- 83.4 percent of combed cashmere was shipped to Italy.
- All washed goat cashmere was exported to China.
- 60 percent of unrefined and semi-processed gold was exported to the UK, and 40 percent to Switzerland.
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:
- Mineral products amounted to 213.4 million USD (28.5 percent of all imports), of which 85.5 percent was petroleum worth 182.5 million USD.
- Machinery, equipment, electronic appliances and spare parts amounted to 151.3 million USD (20.2 percent).
- Aircraft and vehicles and their spare parts amounted to 121.8 million USD (16.2 percent).
- Products of animal and plant origin amounted to 85 million USD (11.3 percent).
- Chemical and industrial products amounted to 47.7 million USD (6.4 percent).
- Metallurgical products amounted 42.4 million USD (5.7 percent).
- Other products made up 11.8 percent of total imports.
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.