EXPORT EARNING RISES DESPITE THE DECLINE IN THE VOLUME OF SOME MINERALS’ EXPORTS

In Mongolia, the mining sector makes up 24 percent of the country's GDP, 69 percent of the industrial sector, 77 percent of foreign direct investment and 93 percent of exports. According to last year, total revenue of the state budget was MNT 13,362.3 billion, of which 29.6 percent or MNT 4,114.4 billion was generated by the mining sector alone, reported the Ministry of Mining and Heavy Industry.

 

Before the pandemic, Mongolia used to export over 30 million tons of coal annually, but last year it exported 16,138 thousand tons. Despite the decline in the volume of mineral exports, the income from export in 2021 was equal to those of previous years as a result of high commodity prices in the world market and response to the pandemic. For instance, the country exported 36,265 thousand tons of coal and earned USD 2,803 million in 2018, exported 36,604 thousand tons of coal and earned USD 3,079 million in 2019, 28,677 thousand tons and earned USD 2,127 million in 2020, as well as exported 16,138 thousand tons of coal and earned USD 2,779 million in 2021.

 

In 2021, the price for copper concentrate rose. In 2017, it exported 1,447 thousand tons of copper concentrate and ore and earned USD 1,613 million from it, while last year the country sold 1,283 thousand tons and earned USD 2,900 million.

 

Eighty-five percent of coal exports go through Gashuunsukhait and Shiveekhuren border crossings, 54 percent of copper concentrate exports -- through Gashuunsukhait and 46 percent -- through Zamyn-Uud border crossing.

 

 

Source: https://www.montsame.mn/en/read/289037