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U.S.-Mongolia Trade Facts
Mongolia’s economy, traditionally based on herding and agriculture, has transformed into an economy focused more on extractive industries, spurred on by significant investment in Mongolia by foreign enterprises. Mongolia has extensive deposits of copper, gold, coal, molybdenum, fluorspar, uranium, tin and tungsten.
The U.S.-Mongolia trade relationship saw impressive growth up until 2012, when U.S. exports of goods to Mongolia reached more than $665 million, driven in large part by U.S. efforts to help develop Mongolia’s expanding mining sector. U.S. imports of goods from Mongolia also reached a peak in 2012 at $42 million. Since then, imports and exports have both declined, largely because of a downturn in Mongolia’s economy.
Exports now account for more than half of Mongolia’s GDP. The main export commodities are copper, apparel, livestock, animal products, cashmere, wool, hides, fluorspar, other nonferrous metals, coal and crude oil. Mongolia’s major export markets in 2015 were China (84%) and Switzerland (9%).
Mongolia is currently our 170th largest goods trading partner with $92 million in total (two way) goods trade during 2017. Goods exports totaled $82 million; goods imports totaled $9 million. The U.S. goods trade surplus with Mongolia was $73 million in 2017.
According to the Department of Commerce, U.S. exports of goods to Mongolia supported an estimated 4 hundred jobs in 2015 (latest data available).
Mongolia was the United States' 151st largest goods export market in 2017.
U.S. goods exports to Mongolia in 2017 were $82 million, up 48.7% ($27 million) from 2016 and up 215.7% from 2007.
The top export categories (2-digit HS) in 2017 were: vehicles ($26 million), machinery ($18 million), electrical machinery ($5 million), aircraft ($5 million), and rubber ($4 million).
U.S. total exports of agricultural products to Mongolia totaled $5 million in 2017. Leading domestic export categories include: prepared food ($3 million), processed fruit ($278 thousand), snack foods nesoi ($257 thousand), non-alcoholic bev. (ex. juices) ($198 thousand), and condiments & sauces ($164 thousand).
- Mongolia was the United States' 173rd largest supplier of goods imports in 2017.
U.S. goods imports from Mongolia totaled $9 million in 2017, down 16.0% ($2 million) from 2016, and down 88.7% from 2007.
The top import categories (2-digit HS) in 2017 were: ores, slag, and ash (tungsten) ($5 million), knit apparel ($1 million), special other (returns) ($1 million), art and antiques ($667 thousand), and vehicles ($337 thousand).
U.S. total imports of agricultural products from Mongolia totaled $111 thousand in 2017.
The U.S. goods trade surplus with Mongolia was $73 million in 2017, a 65.2% increase ($29 million) over 2016.
U.S. foreign direct investment (FDI) in Mongolia (stock) was $147 million in 2017, a 63.3% increase from 2016. There is no information on the distribution of U.S. FDI in Mongolia.
No data on Mongolia's FDI in the U.S. are available. There is no information on the distribution of Mongolia FDI in the U.S.
No services trade data with Mongolia are available.