What are the main exports and imports of Mongolia?

Mongolia’s economy, historically reliant on herding and agriculture, has undergone significant transformation due to its rich mineral resources, which now dominate its export sector. Mongolia became a member of the World Trade Organization (WTO) in 1997, enhancing its global trade relationships.

Major Exports

Mongolia’s top exports include:
Minerals & Metals: Coal, copper, gold, and crude petroleum.
Animal Products: Cashmere, wool, hides, skins, and other livestock products.
Other Goods: Fluorspar, molybdenum, and rare earth minerals.

Main Export Partners (2023, per WITS data):
China: $10,587 million (84.30%)
Switzerland: $1,031 million (8.21%)​
Singapore: $346 million (2.75%)​
South Korea: $254 million (2.02%)
Russia: $112 million (0.89%)
Italy, Germany, UK

Major Imports

Mongolia’s imports primarily consist of:
Energy & Fuel: Refined petroleum, coal, and electricity.
Machinery & Equipment: Heavy mining machinery, construction materials, vehicles, and industrial equipment.
Consumer Goods: Electronics, household appliances, food products, and pharmaceuticals.

Main Import Partners (2023, per WITS data):
China: $3,043 million (34.79%)
Russia: $2,653 million (30.33%)
Japan: $674 million (7.71%)
South Korea: $425 million (4.86%)
United States: $265 million (3.03%)

In 2023, Mongolia engaged in trade with over 150 countries, exporting goods to more than 75 countries and importing from 150 countries worldwide. The country’s economic outlook remains heavily tied to mining sector performance, global commodity prices, and trade relations with China and Russia.