AKIPRESS.COM - Trade turnover between Mongolia and Russia in the first four months rose by 50 percent year on year, Mongolia' s central bank said in a statement on Friday, Xinhua reported.

According to the statement, Mongolia-Russia trade turnover reached 503 million U.S. dollars in this period.

"Exports from Mongolia account for less than 5 percent of the bilateral trade turnover. Mongolia is hosting an event entitled the 'Mongolia-Russia Initiative 2018,' in its capital Ulan Bator these days within the scope of efforts to increase the trade turnover, especially to increase Mongolia's exports to Russia," the statement said.

Bilateral trade turnover between Mongolia and Russia reached 1.4 billion dollars in 2017. The two nations have set a 2-billion-dollar target for bilateral trade in the coming years.