Mongolia Export Numbers Jump
Mongolia Export Numbers Jump
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Results on foreign trade numbers for the first two months of 2019 are in and point to a 23% increase over the first two months of 2018. Total trade turnover during this time was USD $1,931.1 million. Exports during this period exceeded imports by $256 million bringing Mongolia’s trade balance into positive territory for the period. Exports alone increased over 30% from the same time last year. 75% of these exports were mineral resources, with another 18% coming from precious and semi-precious stones. Textile products came in at 2.3% of the country’s exports during the same time. Exports of leather, furs, and raw hide products make up .3% of exports. Overall Mongolia exported products to 47 separate countries.
While Mongolia seeks to diversity its exports, mining remains the key source of foreign investment and export products for the country. The Mongolia Mining 2019 expo is set to be held this year April 10-12, for the 9th consecutive year. The expo expects to attract over 150 companies from around the world specializing in mining and related industries. The expo expects to see major international heavy equipment supplies which will showcase state of the art products and equipment.
The expo will look at global trends in the mining sector, with particular emphasis on responsible mining practices. The Ministry of Mining and Heavy industry will provide a report on Mongolia’s current known mineral reserves, with an overview of national polities and strategies for extraction, and attracting foreign investment in the mining sector.
Meanwhile, Mongolia’s first asphalt plant began operations this week on March 14. The new plant will produce modified polymer bitumen sufficient to meet the unique climatological requirements of Mongolia while maintaining European quality standards. This new asphalt will have load bearing capacity which is three times higher than what was previously available in Mongolia and road made with the new asphalt are expected to last twice as long as current roads. The new asphalt should go a long way to support infrastructure needs for the countries many mining projects.
