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  • Mongolia

    • Mongolia

    U.S.-Mongolia Trade Facts

    Overview

    • 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%). 
    • In 2019, Mongolia’s GDP was an estimated $13.6 billion (current market exchange rates); real GDP was up by an estimated 5.1%; and the population was 3 million. (Source: IMF)
    • Mongolia is currently the United States’ 145th largest goods trading partner with $217 million in total (two-way) goods trade during 2019. Goods exports totaled $193 million; goods imports totaled $25 million. The U.S. goods trade surplus with Mongolia was $168 million in 2019.
    • According to the U.S. Department of Commerce, U.S. exports of goods to Mongolia supported an estimated 400 jobs in 2015 (latest data available).
    • No services trade data with Mongolia are available.

    Exports

    • Mongolia was the United States' 133rd largest goods export market in 2019.
    • U.S. goods exports to Mongolia in 2019 were $193 million, up 59.5% ($72 million) from 2018 and up 376.0% from 2009.
    • The top export categories (2-digit HS) in 2019 were: aircraft ($65 million); vehicles ($56 million); machinery ($32 million); electrical machinery ($6 million); and optical and medical instruments ($5 million).
    • U.S. exports of agricultural products to Mongolia totaled $6 million in 2019. Leading domestic export categories included: prepared food ($4 million); dairy products ($698,000), non-alcoholic beverages (ex. juices) ($306,000); fruit & vegetable juices ($290,000); and snack foods not elsewhere specified or indicated ($187,000).

    Imports

    • Mongolia was the United States' 155th largest supplier of goods imports in 2019.
    • U.S. goods imports from Mongolia totaled $25 million in 2019, up 145.4% ($15 million) from 2018, and up 66.3% from 2009.
    • The top import categories (2-digit HS) in 2019 were: special other (returns) ($13 million); knit apparel ($4 million); ores, slag, and ash (tungsten) ($3 million); machinery ($831 thousand); and salt, sulfur, earths, and stone (various minerals) ($604,000).
    • U.S. imports of agricultural products from Mongolia totaled $134,000 in 2019.

    Trade Balance

    • The U.S. goods trade surplus with Mongolia was $168 million in 2019, a 51.8% increase ($57 million) from 2018.

    Investment

    • U.S. foreign direct investment (FDI) in Mongolia (stock) was $132 million in 2019, a 35.6% decrease from 2018. There is no information on the distribution of U.S. FDI in Mongolia.
    • No data on Mongolia's FDI in the United States are available. There is no information on the distribution of Mongolia’s FDI in the United States.