Foreign trade

In the last 10 years, Mongolia traded $84.7 billion worth of goods with China and $17.4 billion with Russia. In comparison, trade with the US is 31.4 times less than with China. In 2022, Mongolia imported goods worth $374.8 million from the US, while exported goods were 29.5 times less than imported goods, or $12.7 million.

• The top imports from the US to Mongolia are aircraft, trucks and passenger cars, inflatables and tires, and other food products.
• The top exports from Mongolia to the US are knitted shirts, aircraft, minerals, internal combustion engine parts, and other knitted clothes.

Foreign direct investment

  As of the third quarter of 2022, the US accounted for only 3.5% of Mongolia's total foreign direct investment (FDI), while China accounted for 24.7% and Russia for 0.1%. FDI from the US to Mongolia peaked in 2013 when it accounted for 7.2% of total FDI and reached $232 million. 

Tourism

  In the last 8 years, 95,304 tourists came from the US to Mongolia, which accounted for approximately 3.2% of all tourists. Yet Russia accounted for 35.2% of tourists to Mongolia in the same period, while China accounted for 22.9%.  

Financial support

Since 2004, the American Agency for International Development has supported Mongolia's independence and democracy with a total of $123 million. In addition, from the first and second compact agreements of the Millennium Challenge Fund, Mongolia received a total of $635 million in grants. Most recently, Mongolia received $12 million through the Clean Energy Assistance Program.

To conclude, the trade and investment between the US and Mongolia is much smaller than that between Mongolia and its two neighbors. However, there has been some progress in recent years, and there is potential for further cooperation in the future.