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%).
- In 2020, Mongolia GDP was an estimated $13.4 billion (current market exchange rates); real GDP was down by an estimated 2.0 percent; and the population was 3 million. (Source: IMF)
- Mongolia is currently our 156th largest goods trading partner with $129 million in total (two way) goods trade during 2020. Goods exports totaled $118 million; goods imports totaled $12 million. The U.S. goods trade surplus with Mongolia was $106 million in 2020.
- According to the Department of Commerce, U.S. exports of goods to Mongolia supported an estimated 900 jobs in 2019 (latest data available).
- No services trade data with Mongolia are available.
- Mongolia was the United States' 140th largest goods export market in 2020.
- U.S. goods exports to Mongolia in 2020 were $118 million, down 39.0 percent ($75 million) from 2019 but up 2 percent from 2010.
- The top export categories (2-digit HS) in 2020 were: vehicles ($52 million), machinery ($21 million), rubber ($8 million), electrical machinery ($7 million), and optical and medical instruments ($5 million).
- U.S. total exports of agricultural products to Mongolia totaled $6 million in 2020. Leading domestic export categories include: food preparations ($3 million), poultry meat and products (excluding eggs) ($464,000), dairy products ($357,000), processed fruit ($315,000), and chocolate and cocoa products ($294,000).
- Mongolia was the United States' 165th largest supplier of goods imports in 2020.
- U.S. goods imports from Mongolia totaled $12 million in 2020, down 52.8 percent ($13 million) from 2019, and down 0 percent from 2010.
- The top import categories (2-digit HS) in 2020 were: knit apparel ($5 million), machinery ($1 million), special other (repairs and returns) ($1 million), optical and medical instruments ($928,000), and woven apparel ($774,000).
- U.S. total imports of agricultural products from Mongolia totaled $228,000 in 2020.
- The U.S. goods trade surplus with Mongolia was $106 million in 2020, a 36.9 percent decrease ($62 million) over 2019.
- U.S. foreign direct investment (FDI) in Mongolia (stock) was $132 million in 2019, a 35.6% decrease from 2018. There is no information on the distribution of U.S. FDI in Mongolia.
- No data on Mongolia's FDI in the United States are available. There is no information on the distribution of Mongolia’s FDI in the United States.