Mongolia’s foreign trade up by 13.6% YoY in 8m

Mongolia’s foreign trade has experienced a significant boost, with turnover increasing by 13.6 per cent year-on-year to reach $18.1 billion in the first eight months of 2024.

The National Statistics Office (NSO) released the data on Monday, highlighting a trade surplus of $3.1 billion primarily attributed to the strong performance of mining exports.

Coal and copper were key contributors to this surplus, accounting for a substantial portion of Mongolia’s total exports.

Mining products comprised approximately 90 per cent of Mongolia’s exports during the January-August period, underscoring the sector’s vital role in the nation’s economy.

China remained Mongolia’s primary trading partner, accounting for 91.9 per cent of its exports and 40.2 per cent of its imports.

During this period, Mongolia engaged in trade with 155 countries worldwide, demonstrating its growing economic connections on the global stage.

Attribution: Xinhua

Subediting: M. S. Salama