Economic activity in Mongolia has traditionally been based on herding and agriculture. The main agricultural products are wheat, barley, vegetables, forage crops; sheep, goats, cattle, camels, and horses.
Mongolia also has extensive mineral deposits. Copper, coal, molybdenum, tin, tungsten and gold account for a large part of industrial production.
The main industries are construction and construction materials; mining (coal, copper, molybdenum, fluorspar, tin, tungsten, and gold); food and beverages; processing of animal products, cashmere and natural fiber manufacturing.
Mongolias main export commodities in 2005 were copper, apparel, livestock, animal products, cashmere, wool, hides, fluorspar and other nonferrous metals. The major export markets in 2005 were China (48.1 percent), United States (14.2 percent), Canada (11.6 percent), United Kingdom (8.3 percent) and South Korea (6.2 percent).
US-Mongolia Trade Facts
Mongolia is currently our 135th largest goods trading partner with $324 million in total (two way) goods trade during 2011. Goods exports totaled $313 million; Goods imports totaled $11 million. The U.S. goods trade surplus with Mongolia was $302 million in 2011.
Mongolia was the United States' 113th largest goods export market in 2011.
U.S. goods exports to Mongolia in 2011 were $313 million, up 171.3% ($198 million) from 2010.
The top export categories (2-digit HS) in 2011 were: Vehicles ($176 million), Machinery ($82 million), Electrical Machinery ($10 million), Optical and Medical Instruments ($8 million), and Meat (poultry) ($5 million).
U.S. exports of agricultural products to Mongolia totaled $8 million in 2011.
Mongolia was the United States' 163rd largest supplier of goods imports in 2011.
U.S. goods imports from Mongolia totaled $11 million in 2011, a 4.8% decrease ($6 hundred thousand) from 2010.
The five largest import categories in 2011 were: Ores, Slag, and Ash (tungsten ore) ($6 million), Special Other (returns) ($2 million), Art and Antiques ($736 thousand), Knit Apparel ($498 thousand), and Precious Stones (jewelry) ($239 thousand).
U.S. imports of agricultural products from Mongolia totaled $228 thousand in 2011.
The U.S. goods trade surplus with Mongolia was $302 million in 2011, up 190.9% ($198 million) from 2010.
U.S. foreign direct investment (FDI) in Mongolia (stock) was not available in 2010.
Mongolia FDI in the United States (stock) was not available in 2010.
*NOTE: No services trade data with Mongolia is available.