TRADE BALANCE SHOWS SURPLUS OF USD 2.2 MILLION

 In the first 12 months of 2020, the total foreign trade turnover decreased by 6 percent or USD 877 million compared to the same period of the previous year, reaching USD 12.870 million.

This was due to a decrease of 1 percent or USD 43 million in exports and 14 percent or USD 834 million in imports. In the reference period, the trade balance showed a surplus of USD 2.282 millionin, an increase by USD 790 million compared to the  the previous year, according to the Bank of Mongolia.

Trade with China accounted for 57 percent or USD 7.383 million of the total trade turnover. Whereas, the trade with Russia accounted for 11 percent or USD 1.457 million. Trade with Russia decreased by 19 percent, while the trade with China decreased by 16 percent respectively compared with the same period of the previous year.

The terms of trade index increased by 32 percent in December compared to the same period of the previous year and by 3 percent compared to the previous month, reaching 2,106. The increase was due to rising export prices for copper concentrate, coal and gold. The increase from the previous month was mainly due to higher import prices for copper and consumer goods.

Source: https://montsame.mn/en/read/252923