Mongolia

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 161st largest goods trading partner with $110 million in total (two way) goods trade during 2008. Goods exports totaled $57 million; Goods imports totaled $53 million. The U.S. goods trade surplus with Mongolia was $5 million in 2008.

Exports

Mongolia was the United States' 163rd largest goods export market in 2008.

U.S. goods exports to Mongolia in 2008 were $57 million, up 119.9% ($31 million) from 2008.

The top export categories (2-digit HS) in 2008 were: Vehicles ($16 million), Machinery ($12 million), Electrical Machinery ($7 million), Optical and Medical Instruments ($6 million), and Railway and Traffic Signal Equipment (diesel electric locomotives) ($5 million).

U.S. exports of agricultural products to Mongolia totaled $3 million in 2008.

Imports

Mongolia was the United States' 139th largest supplier of goods imports in 2008.

U.S. goods imports from Mongolia totaled $53 million in 2008, a 36.8% decrease ($31 million) from 2007.

The five largest import categories in 2008 were: Knit Apparel ($26 million), Woven Apparel ($13 million), Inorganic Chemicals ($6 million), Animal Hair, Yarn, and Fabric (kashmir hair) ($2 million), and Salt and Sulfur (fluorspar) ($2 million).

U.S. imports of agricultural products from Mongolia totaled $3 million in 2008.

Trade Balance

The U.S. goods trade balance with Mongolia changed from a deficit of $57 million in 2007, to a surplus of $5 million in 2008

Investment

U.S. foreign direct investment (FDI) in Mongolia (stock) was not available in 2007 (latest data available).