Mongolia’s export reached USD 12.5 billion, said Finance Minister B.Javkhlan at the government meeting. The Ministry of Finance presented the execution of the budget for 2022.

The state budget deficit has decreased, and the budget balance has improved by MNT 1.4 trillion.

Mongolia expected economic growth to be between 2.6 percent and 3 percent by the end of the year, but overall growth reached 4 percent. This means that after an economic contraction of -4.6 percent in 2020, there has been consistent economic growth in 2021 and 2022.

The budget deficit, which was supposed to be MNT 2.4 trillion, decreased to MNT 979.3 billion.

Imports also slightly increased. However, the difference of 3.8 billion, or the improvement in our trade balance, has had a significant impact on economic growth and the reduction of the budget deficit this year.

Coal is  the largest export commodity in volume terms. Last May, when the budget was revised, coal exports were revised to 18 million tonnes by the end of the year. However, 31.7 million tonnes of coal were exported as of 31 December, which influenced the increase in budget revenues and foreign exchange earnings.