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The National Statistics Office (NSO) of Mongolia has released preliminary calculations of Mongolia Gross Industrial Output (GIO) growth, and international trade volumes in 2018.
GIO is estimated at MNT 15.7 trillion, an increase of 21% over 2017. A major contributor to the large increase was the increase in mining output. Coal mining output is estimated to have increased by 63.1%, while metal ore mining is estimated to have increased by 3.4%.
Outside of mining major products of Mongolia include cashmere and cashmere products, beer and other alcoholic beverages, animal fodder, sausage products, horse meat, wooden products, windows and doors, and dumplings.
68.7% of sales were exported goods and according to NSO Mongolia enjoyed trade with 156 countries in 2018, with total turnover from trade reaching USD 12.9 billion, an increase of 22.3%. Of this, exports totaled $7 billion while imports were $5.9 billion.
Also, on the upswing is Mongolia’s national revenue which reached over MNT 10 trillion (~$3.8 billion) for the first time ever. The additional revenue mainly came from the mining sector, and results from positive government policies, growth of investment and business confidence and fiscal discipline.
All trends pointing to another positive year for the Mongolian economy in 2019.
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