Mongolia Balance of Trade

Mongolia’s trade surplus widened sharply to a record high of USD 906.5 million in January 2026, accelerating from USD 55 million a year earlier. Exports surged 71.6% year-on-year to USD 1,749.4 million, supported by stronger shipments of mineral products (69.4%), particularly bituminous coal (39.2%), and iron ores and concentrates (19.5%). China remained the dominant export destination, accounting for 88.9% of total exports, followed by Switzerland (7.2%). Meanwhile, imports fell by 12.6% to USD 843 million, weighed down by lower purchases of transport vehicles & their spare parts (-56.5%), and machinery, equipment, and electric appliances (-8.2%). China also remained the largest share of total imports (37.1%), followed by Russia (31.1%), and Japan (8.9%).

Mongolia’s trade surplus widened significantly to USD 857.9 million in December 2025 from USD 159.3 million in the same month last year, marking the largest trade surplus since January 2016. Exports soared 65.9% year-on-year to USD 1,964.7 million, the highest on record, while imports rose 8% to USD 1,106.8 million. For the full year 2025, the trade surplus increased to USD 4,389.4 million from 4,168.7 million a year earlier. Exports decreased by 0.5% year-on-year to USD 15,701.5 million, largely due to reduced shipments of mineral products (-3.5%) and textiles and textile articles (-2.7%). China accounted for 89.4% of total exports, followed by Switzerland (6.9%) and the US (0.8%). Meanwhile, imports declined by 2.6% to USD 11,312.1 million, weighed down by lower purchases of transport vehicles and spare parts (-16.7%) and machinery, equipment, and electric appliances (-2.1%). China remained the largest share of total imports (40.9%), followed by Russia (24.5%) and Japan (9.6%).

Mongolia’s trade surplus widened sharply to USD 656.7 million in November 2025, up from USD 405.9 million a year earlier. Exports rose 7.9% year-on-year to USD 1,513.0 million, while imports declined 14% to USD 856.3 million. For the January–November period, the trade surplus narrowed to USD 3,531.9 million from USD 4,009.4 million a year earlier. Exports fell 5.9% year-on-year to USD 13,742.5 million, mainly driven by declines in textiles and textile articles (-10.9%) and mineral products (-7.9%). China remained the dominant export destination, accounting for 90.2% of total exports, followed by Switzerland (6.1%) and the US (0.9%). Imports decreased 3.6% to USD 10,210.6 million, weighed down by lower purchases of transport vehicles and spare parts (-16.7%), mineral products (-2.4%), and machinery, equipment, and electrical appliances (-1.3%). China remained the largest share of total imports (24%), followed by Germany (14.4%) and Russia (10.1%).