Mongolia's exports surged by 23.9% to $13.8 billion in the first 11 months of this year, resulting in a foreign trade profit of $5.4 billion. What do Mongolians export and import?

Export

Raw materials constitute a significant portion, with mineral products forming the majority 86.5%, precious stones contributing 5%, and textile materials and textiles making up 3.1%, totaling 94.5% of exports. 

• Mongolian goods are exported to 80 countries, but an overwhelming 91.2% are exclusively destined for China. This includes all crude oil, 99.9% of copper concentrate, 99.3% of coal, and 99.7% of washed goat cashmere, underscoring substantial reliance on the Chinese market.

Import

However, the import volume increased by 6.4% from the previous year, reaching $8.4 billion. Goods were imported from 158 countries, with China leading at 40.3%, followed by Russia at 25.7%, and Japan at 7.8%.

• Key imported products include petroleum products 19.9%, passenger cars and trucks 11.9%, and electric energy 2.1%. This suggests that Mongolia heavily relies on imports for essential needs like oil and electricity.

In conclusion, unless the dependence on imports, particularly from China, is addressed, remote areas may face electricity limitations, and the nation risks fuel shortages. While an oil refinery is under construction in Dornogovi province, expediting these efforts is crucial to avoid perpetual dependence on external sources.