You are here
Economic activity in Mongolia has traditionally been based on herding and agriculture. The main agricultural products are wheat, barley, vegetables, forage crops; sheep, goats, cattle, camels, and horses.
Mongolia also has extensive mineral deposits. Copper, coal, molybdenum, tin, tungsten and gold account for a large part of industrial production.
The main industries are construction and construction materials; mining (coal, copper, molybdenum, fluorspar, tin, tungsten, and gold); food and beverages; processing of animal products, cashmere and natural fiber manufacturing.
Mongolias main export commodities in 2005 were copper, apparel, livestock, animal products, cashmere, wool, hides, fluorspar and other nonferrous metals. The major export markets in 2005 were China (48.1 percent), United States (14.2 percent), Canada (11.6 percent), United Kingdom (8.3 percent) and South Korea (6.2 percent).
US-Mongolia Trade Facts
Mongolia is currently our 170th largest goods trading partner with $87 million in total (two way) goods trade during 2015. Goods exports totaled $69 million; goods imports totaled $17 million. The U.S. goods trade surplus with Mongolia was $52 million in 2015.
According to the Department of Commerce, U.S. exports of goods to Mongolia supported an estimated 9 hundred jobs in 2014 (latest data available).
Mongolia was the United States' 156th largest goods export market in 2015.
U.S. goods exports to Mongolia in 2015 were $69 million, down 59% ($98 million) from 2014 but up 217% from 2005.
The top export categories (2-digit HS) in 2015 were: machinery ($18 million), vehicles ($18 million), rubber ($6 million), optical and medical instruments ($4 million), and electrical machinery ($4 million).
U.S. exports of agricultural products to Mongolia totaled $6 million in 2015.
Mongolia was the United States' 162nd largest supplier of goods imports in 2015.
U.S. goods imports from Mongolia totaled $17 million in 2015, up 16% ($2 million) from 2014, but down 88% from 2005.
The top import categories (2-digit HS) in 2015 were: salt, sulfur, earths, and stone (fluorspar) ($6 million), ores, slag, and ash (tungsten) $4 million), cereals (wheat) ($1 million), art and antiques ($1 million), and knit apparel ($1 million).
U.S. imports of agricultural products from Mongolia totaled $1 million in 2015.
The U.S. goods trade surplus with Mongolia was $52 million in 2015, a 65.8% decrease ($100 million) over 2014.
U.S. foreign direct investment (FDI) in Mongolia (stock) was $31 million in 2014 (latest data available), a 10.7% increase from 2013. 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.
NOTE: No services trade data with Mongolia are available.