Production of industrial sector in Mongolia increases by 53%
Mongolia's industrial sector has experienced an impressive surge in production, reaching a total of about 16 trillion tugriks in seven months.
Mongolia's industrial sector has experienced an impressive surge in production, reaching a total of about 16 trillion tugriks in seven months. This translates to a remarkable 53% growth compared to the previous year. These figures, sourced from the National Statistics Office and reported by Montsame, highlight the significant impact of this growth. The driving forces behind this surge include a substantial increase in mining production, contributing an impressive 4.3 trillion tugriks and a thriving processing industry with a boost of about 826 billion tugriks. Within the mining and extraction industry, a total production value of 11 trillion tugriks emerged over seven months, reflecting about 65% increase compared to the previous year. Notably, this growth was fueled by remarkable increases in hard coal and lignite production, gross ores, and oil. However, not all sectors experienced uniform growth. While several products in mining and extraction observed significant expansion, others saw declines ranging from 7% to 48%. Similarly, the manufacturing sector displayed dynamic patterns, with certain products like cathode copper, absolute alcohol, flour, liquid milk, cement, metal structure, and livestock meat showing substantial growth of about 1% to almost 3 times. Conversely, products including cigarettes, water, soft drinks, juice, combed cashmere, vodka, coal briquettes, lime, and cashmere knitwear exhibited declines from around 2% to over 41%. These remarkable industrial strides were accompanied by a notable increase in product sales. During the first seven months of 2023, industrial sector sales surged to 25.1 trillion tugriks, marking an impressive 75% growth of around11 trillion tugriks. This growth was predominantly driven by a 93% surge in sales from the mining and extraction industry, coupled with a significant 37% boost in sales from the processing industry.
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