Mongolia (MNG)
Annual exports and imports in 2024 (USD).
Source: UN Comtrade. Warehouse 1: partner = World totals by HS4 and year.
Mongolia - trade dependency by partner, 2024 (USD)
| Rank | Partner | Export dependency | Import dependency | Total dependency |
|---|---|---|---|---|
| 1 | China (CHN) | 91.2% $13.85B | 40.5% $3.75B | 72.0% $17.60B |
| 2 | Russian Federation (RUS) | 0.7% $111.19M | 25.8% $2.39B | 10.2% $2.50B |
| 3 | Japan (JPN) | 0.1% $14.99M | 7.7% $716.32M | 3.0% $731.31M |
| 4 | Switzerland (CHE) | 4.4% $666.31M | 0.3% $27.89M | 2.8% $694.21M |
| 5 | Rep. of Korea (KOR) | 1.0% $150.01M | 4.5% $415.16M | 2.3% $565.17M |
| 6 | USA (USA) | 0.2% $36.55M | 3.1% $282.36M | 1.3% $318.91M |
| 7 | Germany (DEU) | 0.1% $14.78M | 2.3% $211.31M | 0.9% $226.09M |
| 8 | Italy (ITA) | 0.7% $98.99M | 1.0% $90.10M | 0.8% $189.10M |
| 9 | Viet Nam (VNM) | 0.0% $5.57M | 1.2% $114.81M | 0.5% $120.38M |
| 10 | France (FRA) | 0.1% $11.37M | 1.0% $93.42M | 0.4% $104.80M |
- Mongolia's total trade in 2024 reached $24.4B, with exports of $15.2B and imports of $9.3B.
- The country registered a positive trade balance of $5.9B.
- Mongolia's total trade ranked 138th globally in the latest available data.
- The top export partner was China, accounting for 91.2% of all exports with a value of $13.8B.
- The leading export category was Mineral fuels (HS2 27), representing $9.3B or 61.1% of total exports.
- The top import partner was China, making up 40.5% of total imports, followed by the Russian Federation at 25.8%.
Mongolia's Trade Performance in 2024
Based on the latest available data for 2024, Mongolia's economy recorded a total trade volume of $24.4B, ranking it 138th worldwide. Exports amounted to $15.2B, while imports stood at $9.3B, creating a significant trade surplus of $5.9B. The country's trade is heavily concentrated with its top export partner, China, which received 91.2% of Mongolia's total exports. The most significant export product category is Mineral fuels, which alone accounts for 61.1% of the nation's export value.
Top Trading Partners
Mongolia's trade is largely oriented towards its immediate neighbors and key global economies. For exports, China is the dominant partner, with a staggering $13.8B in trade. Following at a distance are Switzerland ($666.3M) and the Republic of Korea ($150.0M). On the import side, the primary partners are China ($3.7B) and the Russian Federation ($2.4B), who collectively supply over 66% of Mongolia's imported goods. Japan is also a notable import source, with goods valued at $716.3M.
Key Traded Products
Mongolia's export economy is heavily reliant on its mineral wealth. The top export is Mineral fuels (HS2 27), valued at $9.3B, followed by Ores, slag and ash (HS2 26) at $3.6B. For imports, the country's needs are more diversified. The leading import category is also Mineral fuels (HS2 27) at $2.1B, indicating significant cross-border processing and trade. This is followed by Vehicles (HS2 87) at $1.5B and Machinery (HS2 84) at $1.2B, reflecting investment in infrastructure and industry.
Exports
Mongolia - exports over time (Exports), 2015-2023 (USD)
Top export categories
Largest HS2 categories by export value in the selected year.
Mongolia - export composition by product categories (Exports), 2024 (USD)
Mongolia - export composition by 4-digit product groups (Exports), 2024 (USD)
Imports
Mongolia - imports over time (Imports), 2015-2023 (USD)
Top import categories
Largest HS2 categories by import value in the selected year.