AKIPRESS.COM - Mongolia's foreign trade landscape gains significant traction in the first half of 2023, reflecting an increase in trade turnover. The nation's trade engagement with 143 countries propels the foreign trade turnover to $11.8 billion. Exports amounted to $7.6 billion, and imports to $4.3 billion.

Total trade increased by $2.6 billion (27.9%) compared to last year, exports by $2.3 billion (42.5%), imports by $325.6 million (8.2%). Exports increased by $88.4 million (7.4%) and imports by $8.6 million (1.1%) this June compared to the previous month.

The foreign trade balance amounted to $3.3 billion, profit increased by $1.9 billion (2.4 times) compared to last year. Profit was $472.7 million in June, up $79.8 million (20.3%) from the previous month, according to the National Statistics Office.

Trade with China amounted to $8.6 billion, which accounted for 73% of foreign trade turnover. Coal amounted to 61.4%, copper concentrate to 19.1%. Gold accounted for 99.5% of goods exported to Switzerland.

An increase in exports of coal was observed by $2.1 billion in the first half of 2023, oil by $162.9 million, canned meat by $82.1 million, fluorine ore and concentrate by $70.8 million, iron ore and concentrate by $55.3 million, horse meat by $52.2 million, which contributed to an increase in exports by $2.3 billion compared to last year.

The average border price for gold decreased by $2,300 per kg in June, the average border price for iron ore and concentrate decreased by $15.5 per ton, the average border price for coal decreased by $7.7 per ton, while the average border price for coal decreased by $7.7 per ton. The average border price of copper concentrate increased by $0.4 per ton. The physical volume of coal exports in June last year reached 5.6 million tons, which is 1.4 million tons more than in the previous month, and amounted to $718.7 million, an increase of $139.5 million.

China accounted for 39.2% of imports, Russia 26.6%, Japan 8%, South Korea 4.6%, the US 3.6% and Germany 2.5%. Petroleum products accounted for 71.3% of goods imported from Russia, cars accounted for 72.7% of goods imported from Japan, and trucks accounted for 10% of goods imported from China.

Imports increased by $325.6 million compared to the previous year due to an increase in imports of diesel fuel by $128.2 million, trucks by $68.4 million, cars by $51 million, and bulldozers, ironers, straighteners and excavators for $31.5 million.

Exports of mineral products, precious stones, metals, jewelry and textile products accounted for 94.2% of total exports. 77.2% of imports were mineral products, machinery, equipment, electrical appliances, vehicles, spare parts, base metals, food and others.