Trade Balance in Mongolia

Mongolia Trade Balance | Economic News & Forecasts

Mongolia - Trade Balance

The economy shrank at the fastest pace in nearly two years in Q1. The contraction was mainly due to an over 25% fall in exports amid Chinese border closures and lockdowns under Beijing’s zero-tolerance Covid-19 policy; China is by far Mongolia’s largest trading partner. Investment also declined, while private consumption recovered amid the removal of pandemic-related restrictions. Turning to Q2, the crucial mining sector continued to contract in April–May, although at a much softer rate than in Q1. Other signs are more positive: Retail and wholesale trade surged in April despite spiking inflation, while the reopening of borders in February is buoying tourist arrivals, which reportedly quadrupled in the first five months of the year. To further support tourism, the government recently waived visa requirements for South Koreans, who comprise a significant proportion of visitors.

Mongolia - Trade Balance Data

2015   2016   2017   2018   2019  
Trade Balance (USD billion)0.9  1.6  1.9  1.1  1.5  

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Mongolia Trade Balance Chart

Mongolia Trade
Note: Trade balance in USD bn.
Source: Bank of Mongolia and FocusEconomics calculations.

Mongolia Facts

Value Change Date
Exchange Rate2,735-0.04 %Jan 01

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