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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 175th largest goods trading partner with $67 million in total (two-way) goods trade during 2016. Goods exports totaled $55 million; goods imports totaled $11 million. The U.S. goods trade surplus with Mongolia was $44 million in 2016.
According to the Department of Commerce, U.S. exports of goods to Mongolia supported an estimated 400 jobs in 2015 (latest data available).
Mongolia was the United States' 161st largest goods export market in 2016.
U.S. goods exports to Mongolia in 2016 were $55 million, down 19.9% ($14 million) from 2015 but up 140.2% from 2006.
The top export categories (2-digit HS) in 2016 were machinery ($15 million), vehicles ($12 million), electrical machinery ($5 million), optical and medical instruments ($4 million) and aircraft ($3 million).
U.S. exports of agricultural products to Mongolia totaled $3 million in 2016. Leading categories include prepared food ($1 million), snack foods ($320,000), dairy products ($263,000), fruit and vegetable juices ($199,000) and processed fruit ($174,000).
Mongolia was the United States' 170th largest supplier of goods imports in 2016.
U.S. goods imports from Mongolia totaled $11 million in 2016, down 35.0% ($6 million) from 2015 and down 90.2% from 2006.
The top import categories (2-digit HS) in 2016 were ores, slag and ash (tungsten) ($5 million), special other (returns) ($2 million), knit apparel ($1 million), electrical machinery ($724,000) and art and antiques ($713,000).
U.S. imports of agricultural products from Mongolia totaled $33,000 in 2016.
The U.S. goods trade surplus with Mongolia was $44 million in 2016, a 14.9% decrease ($8 million) over 2015.
Data on U.S. foreign direct investment (FDI) in Mongolia are unavailable. There is no information on the distribution of U.S. FDI in Mongolia.
Mongolia's FDI in the United States (stock) was $1 million in 2015 (latest data available).
No services trade data with Mongolia are available.