Mongolia Trade Surplus Hits Record High

Mongolia's trade surplus narrowed to USD 407.0 million in October 2026, its lowest level since July 2025, down from USD 689.4 million a year earlier. Exports rose 5.9% to USD 1,666.6 million, while imports grew 42.4% to USD 1,259.6 million. For the first ten months of 2026, exports climbed 45.3% year-on-year to USD 17,856.8 million, driven by mineral products (+52.9%), particularly copper ores and concentrates (+67.5%) and bituminous coal (+52.2%). Textile exports also increased 44.9%, led by combed cashmere (+50.4%). Meanwhile, imports rose 16.3% to USD 10,969.9 million, supported by mineral products (+53.9%), particularly oil products (+55.6%), and base metals (+13.6%), while transport vehicles and spare parts declined 6.5%. China remained the largest import source (41.1%), followed by Russia (29.0%). Consequently, the trade surplus more than doubled to USD 6,886.8 million from USD 2,854.9 million a year earlier.

Mongolia’s trade surplus narrowed to USD 444.8 million in September 2026, its lowest level since August 2025, down from USD 487.5 million in the same month a year earlier. Exports rose 16.3% year-on-year to USD 1,804.1 million, while imports rose 27.8% to USD 1,359.3 million. For the first nine months of the year, exports climbed 51.2% year-on-year to USD 16,198.6 million, driven by increases in shipments of mineral products (57.2%), particularly copper ores and concentrates (79.4%), and textiles and related articles (58%). China remained the main export destination, representing 93.2% of all outbound trade, followed by Switzerland (4.2%). Meanwhile, imports rose 13.8% to USD 9,725 million, supported by higher purchases of mineral products (41.6%), namely oil products (41.7%), and base metals and related articles (12.9%), while transport vehicles and spare parts declined 8.1%. China also accounted for the largest portion of imports at 41.5%, followed by Russia (27.6%).

Mongolia’s trade surplus widened to USD 978.3 million in August 2026, from USD 408.51 million in the same month a year earlier. Exports climbed 55.8% year-on-year to USD 2,194.2 million, while imports rose at a softer pace of 21.6% to USD 1,215.8 million. Over January-August, exports jumped 57.2% to USD 14,400.1 million, driven by higher shipments of mineral products (61.1%), particularly bituminous coal (57.9%) and copper ores and concentrates (82.6%). Among key trading partners, China remained the main export destination, accounting for 92.7% of total exports, followed by Switzerland (4.7%). Meanwhile, imports increased 11.9% to USD 8,373.6 million, supported by higher purchases of mineral products (35.7%), particularly oil products (35.3%), while machinery, equipment, and electrical appliances (8.8%) also posted an increase. China accounted for the largest share of imports (41.0%), followed by Russia (27.5%) and Japan (9.1%).