In the first 11 months of 2020, Mongolia’s trade turnover reached USD 11.7 billion, of which USD 6.9 billion were exports and USD 4.9 billion were imports. Total foreign trade turnover decreased by USD 897.6 million (7.1%), of which exports decreased by USD 200.4 million (2.8%) and imports decreased by USD 697.2 million (12.5%) compared to the same period of the previous year.

In November 2020, exports and imports reached to USD 869.0 million and USD 449.6 million, respectively. Compared to the previous month, exports increased by USD 29.9 million (3.6%) and imports decreased by USD 59.3 million (11.6%).

The foreign trade balance was in surplus of USD 2.0 billion in the first 11 months of 2020, while it was in surplus of USD 1.5 billion in the first 11 months of 2019, increased by USD 496.8 million from the same period of previous year.

Trade with China reached USD 6.8 billion in the first 11 months of 2020, which is 57.6% of the total trade turnover. Bituminous coal and copper concentrates accounted for 38.2% and 30.8% of total exports to China, while gold accounted for 99.9%, 41.0% and 57.6% of goods exported to Switzerland, Singapore and United Kingdom, respectively.  The USD 200.4 million decrease in exports from the same period of previous year was resulted from the decreases in exports of USD 142.7 million in copper concentrates and USD 942.6 million in coal.

In the first 11 months of 2020, 36.8% of the total imports was from China, 26.1% was from Russia, 7.7% was from Japan, 4.5% was from USA and 4.4% was from Republic of Korea, accounting for 79.6% of total import.

The 51.7% of the total imports from Russia was petroleum products, 58.5% of the total imports from Japan was cars, and 6.1% of the total imports from China was electricity, 7.8% was trucks and 86.1% was imports of other products.

The USD 697.2 million decrease in imports from the same period of previous year was mainly due to USD 56.0 million decrease in petrol imports, USD 226.5 million decrease in diesel fuel imports, USD133.0 million decrease in car imports and USD 112.9 million decrease in truck imports.

Exports of mineral products, textiles and textile articles, natural or cultured stones and precious metals jewelry made up 96.9 percent of the total export. On the other hand, 63.3 percent of the total imports was mineral products, machinery, equipment, electric appliances, transport vehicle and its spare parts and food products.