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 139th largest goods trading partner with $302 million in total (two way) goods trade during 2013. Goods exports totaled $282 million; Goods imports totaled $20 million. The U.S. goods trade surplus with Mongolia was $263 million in 2013.
Mongolia was the United States' 125th largest goods export market in 2013.
U.S. goods exports to Mongolia in 2013 were $282 million, down 57.5% ($383 million) from 2012.
The top export categories (2-digit HS) in 2013 were: Aircraft ($115 million), Vehicles ($76 million), Machinery ($39 million), Electrical Machinery ($11 million), and Meat (poultry) ($9 million).
U.S. exports of agricultural products to Mongolia totaled $14 million in 2013.
Mongolia was the United States' 157th largest supplier of goods imports in 2013.
U.S. goods imports from Mongolia totaled $20 million in 2013, a 53.4% decrease ($23 million) from 2012.
The five largest import categories in 2013 were: Salt and Sulfur (fluorspar) ($16 million), Cereals (wheat) ($838 thousand), Art and Antiques ($725 thousand), Knit Apparel ($517 thousand), and Beverages ($432 thousand).
U.S. imports of agricultural products from Mongolia totaled $900,000 in 2013.
The U.S. goods trade surplus with Mongolia was $263 million in 2013, down 57.8%, ($360 million) from 2012.
U.S. foreign direct investment (FDI) in Mongolia (stock) was not available in 2011.
Mongolia FDI in the United States (stock) was not available in 2011.
*NOTE: No services trade data with Mongolia is available.