The National Statistics Office of Mongolia has recently released a report detailing Mongolia’s vital trade statistics. The report indicates that Mongolia has traded, either exported to or imported from, 136 separate countries over the first seven months of 2016. The total turnover from trade during this period is over 4 billion USD.
Exports are said to comprise USD 2.54 billion during the period while imports are at 1.83 billion. The total turnover from trade appears to have decreased by 12% (USD 647.4 million), compared to the same period last year. That amounts to a 17% (376.2 million) reduction in imports and 9.6% (271.2 million) reduction in exports.
Overall, the balance of trade surplus at this point in 2016 stands at USD 709 million, and increase of USD 105 million over 2015.
We are looking for the trend in decreased overall trade to be reversed as Oyu Tolgoi’s underground gold and copper mining operation ramps up.