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Mongolia

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 161st largest goods trading partner with $131 million in total (two way) goods trade during 2018. Goods exports totaled $121 million; goods imports totaled $10 million. The U.S. goods trade surplus with Mongolia was $111 million in 2018.

According to the Department of Commerce, U.S. exports of goods to Mongolia supported an estimated 4 hundred jobs in 2015 (latest data available).

Exports

  • Mongolia was the United States' 145th largest goods export market in 2018.

  • U.S. goods exports to Mongolia in 2018 were $121 million, up 47.1% ($39 million) from 2017 and up 111.2% from 2008. 

  • The top export categories (2-digit HS) in 2018 were: vehicles ($45 million), machinery ($23 million), rubber ($9 million), aircraft ($8 million), and optical and medical instruments ($7 million).

  • U.S. total exports of agricultural products to Mongolia totaled $8 million in 2018. Leading domestic export categories include: prepared food ($6 million), fruit & vegetable juices ($552 thousand), non-alcoholic bev. (ex. juices) ($401 thousand), snack foods nesoi ($266 thousand), and chocolate & cocoa products ($265 thousand).

Imports

  • Mongolia was the United States' 175th largest supplier of goods imports in 2018.
     
  • U.S. goods imports from Mongolia totaled $10 million in 2018, up 7.9% ($739 thousand) from 2017, but down 80.8% from 2008. 

  • The top import categories (2-digit HS) in 2018 were: ores, slag, and ash (tungsten) ($4 million), knit apparel ($2 million), salt, sulfur, earths, and stone (varius minerals) ($978 thousand), special other (returns) ($585 thousand), and machinery ($377 thousand).

  • U.S. total imports of agricultural products from Mongolia totaled $116 thousand in 2018.

Trade Balance

  • The U.S. goods trade surplus with Mongolia was $111 million in 2018, a 52.2% increase ($38 million) over 2017.

Investment

  • U.S. foreign direct investment (FDI) in Mongolia (stock) was $252 million in 2018, a 71.4% increase from 2017. 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.