Foreign trade
Mongolia sells its raw materials abroad and buys most of what it uses from abroad. This section shows how much it sells and buys, to whom, and what.
How to read: every chart has its source. Press a word with a dotted underline to read what it means, and “See the numbers as a table” for every value.
Exhibit 1
Exports and imports, by year
US$ billion, 2019–2025
- Exports
- Imports
0
5
10
15
20
15.7
11.3
2019202020212022202320242025
See the numbers as a table
| Exports | Imports | |
|---|---|---|
| 2019 | 7.6 | 6.1 |
| 2020 | 7.6 | 5.3 |
| 2021 | 9.2 | 6.8 |
| 2022 | 12.5 | 8.7 |
| 2023 | 15.2 | 9.3 |
| 2024 | 15.8 | 11.6 |
| 2025 | 15.7 | 11.3 |
- What it shows
- The value of goods Mongolia sold abroad (exports) and bought from abroad (imports) each year, from customs records.
- What it means
- Exports doubled, from US$7.6 billion in 2019 to US$15.7 billion in 2025, and were higher than imports every year. The gap, the trade surplus, was US$4.4 billion in 2025.
- Why we care
- Exports earn the dollars that pay for fuel, machinery, cars and food from abroad. Because almost all exports are minerals, the whole country's income rises and falls with mineral prices.
- Keep in mind
- Goods only; services such as tourism and transport are not included. A surplus does not mean the money stays in Mongolia: part of export income goes to foreign owners and lenders. Imports for 2019, 2020 and 2023 are worked out from the totals and changes the statistics office published.
- Terms in this chart
- Trade balanceExports minus imports.If a country sells more abroad than it buys, it has a trade surplus; if it buys more, a deficit.Full explanation →Gross national income (GNI)The income that belongs to a country's residents, wherever it is earned.GNI starts from GDP, adds the income residents earn abroad, and subtracts the income paid to foreigners: profits sent home by foreign owners, interest paid to foreign lenders, and wages of foreign workers.Full explanation →
Exhibit 2
Where exports go
share of export value, 2025
- China89.4%
- Switzerland6.9%
- Other3.7%
See the numbers as a table
| China | 89.4% |
| Switzerland | 6.9% |
| Other | 3.7% |
- What it shows
- Where Mongolia's exports went in 2025, as a share of their value.
- What it means
- Nine of every ten dollars Mongolia earns from exports come from China. Most of the rest is gold sold to Switzerland.
- Why we care
- Depending on one buyer gives that buyer strong bargaining power over prices, and leaves Mongolia exposed when China's demand, border rules or prices change. Selling to more countries, and processing more at home, would spread the risk.
- Keep in mind
- Shares are by value. Some goods sold to traders may end up elsewhere. For heavy bulk goods like coal, China is the cheapest route.
Exhibit 3
What Mongolia buys from abroad
US$ million, 2025
- Machinery and equipment2,297
- Fuel2,174
- Construction materials1,452
- Food1,217
- Passenger cars1,003
- Trucks794
- Other2,375
See the numbers as a table
| Machinery and equipment | 2,297 |
| Fuel | 2,174 |
| Construction materials | 1,452 |
| Food | 1,217 |
| Passenger cars | 1,003 |
| Trucks | 794 |
| Other | 2,375 |
- What it shows
- What Mongolia bought from abroad in 2025, by main product group, in US$ million.
- What it means
- Machinery and fuel are the biggest bills, about US$2.2–2.3 billion each. Mongolia exports coal but imports almost all its petrol and diesel, much of it from Russia.
- Why we care
- Every dollar spent on imported fuel, food or building materials is mining income leaving the country again. Making more at home, such as refining oil or producing building materials, would keep more of that money and create jobs.
- Keep in mind
- 'Other' is our calculation: total imports minus the groups listed. Product groups are as published by the Ministry of Economy and Development from customs data.