Mongolia’s Trade Snapshot:
Mongolia Import Data & Mongolia Export Data 2024–2025
In recent years, Mongolia has been making strides in its international trade relations, with both imports and exports playing a crucial role in the country's economic growth. Between January and September 2024, Mongolia registered a foreign trade turnover of $20.4billion, up 13% year on year, fueled largely by growing exports ($11.8billion) exceeding imports ($ 8.6billion) for a positive trade balance, as per Mongolia shipment data. Mongolia is the 85th biggest exporter of goods and 109th largest importer in the world, as per the Global Trade Data and Asia Trade Data
Over the full year 2024, goods exports climbed to about $15.8billion (+3.9%), while the trade surplus expanded to nearly $5.9billion, as per Mongolia export data According to Mongolia import data and Mongolia customs data, Mongolia imports reached a total value of $11.60 billion in 2024, a 25% increase from the previous year The Mongolia Import Data and Mongolia Export Data for the years 2024–2025 provide valuable insights into the trends and patterns shaping Mongolia's trade landscape.
In early 2025, the trade picture shifted:
● March 2025: Exports plunged 31.3% YoY to $1.008billion; imports rose to $836.7million (up 2.1%); surplus narrowed to $171.7million.
● January–March 2025: Trade surplus stood at $465.1million (down from $1.236billion).
The outlook: Mongolia remains structurally export oriented, but late 2024 and early 2025 disruptions, especially in mineral shipments, will tighten margins.
Mongolia Export Highlights – What Mongolia Sells to the World
1. Mineral Products – Mongolia’s Core Export Engine
Minerals dominate, accounting for roughly 87–90% of total exports as per Mongolia customs data, including:
● Coal (bituminous, coking, lignite):
○ 2023: $8.76billion; H1 2024: $3.76billion.
○ Coal export value hit $10.3billion (Jan–Sep 2024).
○ Shipment volumes: 83.7Mt in 2024, earning$8.7billion (~55% of all exports).
○ Infrastructure boost: New rail link (May 2025) aims to add 30Mt/year capacity, targeting 100Mt exports in 2025; long-term ambition is 165Mt
● Other ores (copper, iron, zinc, molybdenum, precious metals):
○ Jan–Sep 2024: 9.3Mt, $4.3billion (~27% of exports).
○ Copper ores & concentrates: $2.63billion in 2023; H1 2024: $1.15billion.
○ Gold & precious stones: $679million (5.8%) in Jan‑Sep 2024; 2023 total $738million.
○ Emerging interest in uranium and rare earth minerals, boosted by mining cadastre expansion.
2. Non-Minerals: Steady but Secondary
● Textiles & cashmere: $356million (3.0%) Jan–Sep 2024; cashmere especially holds strong in Italy (79%) and China (99% washed goat hair).
● Meat & livestock: Beef (27,300t) and goat meat (4,700t) exported through Sep 2024, though down 3–7%.
Mongolia Import Landscape – What Mongolia Buys
1. By Value & Category
● Jan–Nov 2024: Imports totaled $10.57billion (+26%).
● Main imports include:
○ Machinery & mechanical appliances: $2.25billion (21.3%)
○ Mineral products (refined petroleum): $2.20billion (20.8%; incl. $1.94b of petroleum).
○ Road vehicles & parts: $2.26billion (21.4%)
● March 2025 data: Imports reached $836.7million, averaging USD327.9million/month over time.
2. Import Partners: China, Russia, Japan Lead
Import origins in 2024:
● China: 58% of import value (source of machinery, vehicles, petroleum).
● Russia: ~24% (mostly petroleum & heavy equipment).
● Japan: 6.8% (significant share in automobiles).
● South Korea, USA, Germany: Combined 10%.
Trade Balance Dynamics
● Trade surplus soared in 2023: $5.93billion, reflecting robust mineral exports.
● Early 2025: Surplus narrowed sharply:
○ March 2025: Surplus at $171.7million (from $648.7m in March 2024).
○ January–March 2025: Surplus of $465.1million (down from $1.236billion).
This makes Mongolia vulnerable to external shocks in mineral demand/prices, especially when key markets constrict.
Trade Infrastructure & Policy – Bridging the Gaps
1. Trade Agreements & Economic Policy
● WTO membership: Applies MFN tariffs averaging 5%.
● New Recovery Policy (2021 onward): Focus on infrastructure, economic diversification, and mineral resource value-additions.
● Third neighbor diplomacy:
○ India is exploring coking coal and copper deals via Vladivostok/Vlad routes.
○ UK Mongolia air corridor planned for rare earth exports.
● BRI/EAEU: Mongolia actively aligns with the China–Russia corridor and negotiates EAEU trade integration.
Mongolia Trade Trends & Forecasts
Exports
● Coal exports: ○ 2024: 84Mt earning$8.7billion.
○ 2025 goal: 100Mt; with rail link, capacity expansion to 165Mt by 2030.
● Copper & ore output: Oyu Tolgoi ramp‑up yields +15–20% volume increases.
● Gold & precious metals: Remain a stable $700–800million/year
● Textile/cashmere: Cashmere exports + modest growth, leveraging EU demand (Italy, China).
● Food/livestock: Minor but steady, with expansion possible in Central Asia (e.g., Uzbekistan).
Imports
● Petroleum/products: Around $2billion/year; pipeline will reduce costs and import volatility
● Machinery & vehicles: Continued industrialization requires sustained vehicle and equipment imports.
● Diversification of suppliers: Rising share from Japan, South Korea, EU to reduce China/Russia dependency
What It Means for Businesses
Exporters
● Mineral firms: Secure rail transport, lock in long-term MoUs with China, and explore shipment to India via Russia.
● Value-added players: Cashmere producers should focus on EU/Italy; rare earth miners should prep for UK and Western exports.
● Agro-livestock exporters: Explore Central Asian pathways (e.g., Uzbekistan deals); ensure compliance is solid.
Importers
● Fuel importers: Monitor pipeline completion (post 2025) and diversify supply from a mix of China and Russia.
● Machinery/vehicle dealers: Expect steady import growth; stay agile amid trade agreements and policy shifts.