Mongolia's foreign trade turnover decreased by $897.6 million

AKIPRESS.COM - In the first 11 months of 2020, Mongolia traded with 146 countries from all over the world and the total trade turnover reached USD 11.7 billion, of which USD 6.9 billion were exports and USD 4.9 billion were imports, Montsame reported.
Total foreign trade turnover decreased by USD 897.6 million (7.1%), of which exports decreased by USD 200.4 million (2.8%) and imports decreased by USD 697.2 million (12.5%) compared to the same period of the previous year.
In November 2020, exports and imports reached to USD 869.0 million and USD 449.6 million, respectively. Compared to the previous month, exports increased by USD 29.9 million (3.6%) and imports decreased by USD 59.3 million (11.6%).
The foreign trade balance was in surplus of USD 2.0 billion in the first 11 months of 2020, while it was in surplus of USD 1.5 billion in the first 11 months of 2019, increased by USD 496.8 million from the same period of previous year.
Trade with China reached USD 6.8 billion in the first 11 months of 2020, which is 57.6% of the total trade turnover. Bituminous coal and copper concentrates accounted for 38.2% and 30.8% of total exports to China, while gold accounted for 99.9%, 41.0% and 57.6% of goods exported to Switzerland, Singapore and United Kingdom, respectively. The USD 200.4 million decrease in exports from the same period of previous year was resulted from the decreases in exports of USD 142.7 million in copper concentrates and USD 942.6 million in coal.