Mongolia Trade Surplus Remains Near 3-Year High

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%).

Mongolia’s trade surplus widened significantly to USD 677.6 million in October 2025 from USD 428.7 million in the same month last year. This marked the largest trade surplus since March 2023, as exports rose by 7.9% year-on-year to USD 1,522.4 million, while imports fell by 14% to USD 844.8 million. For the January-October period, however, the trade surplus narrowed to USD 2,864.9 million from 3,603.5 million a year earlier. Exports declined by 7.3% year-on-year to USD 12,230.6 million, largely due to reduced shipments of textiles and textile articles (-21.4%) and mineral products (-9.0%). China accounted for 90.1% of total exports, followed by Switzerland (6.5%), and the US (0.9%). Meanwhile, imports slipped by 2.4% to USD 9,365.7 million, weighed down by lower purchases of transport vehicles and their spare parts (-14.2%) and mineral products (-3.7%). China remained the largest share of total imports (41%), followed by Russia (23.9%) and Japan (10.4%).