Foreign trade revenues decrease
Foreign trade revenues decrease.
Foreign trade revenues decrease. The first two months of this year witness a 10% decrease in Mongolia’s foreign trade revenues, according to the national statistical authority. It is due to the national export and import decrease observed in the last two years. As of February, the export decreased by 18.5% while import fell down by 23% as compared to the previous year. As a result, the nation’s overall foreign trade turnover went down by 20%. 62% of Mongolia’s foreign trade was made with China including mineral exports comprising more than 75% of the total exports. The export volume of copper concentrate, molybdenum ore and concentrate increased. In other words the export of Oyu Tolgoi and Erdenet industries increased to make up more than half of Mongolia’s mineral export.
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