Mongolia's foreign trade turnover decreased by 6% in 2020

AKIPRESS.COM - Mongolia's total foreign trade turnover decreased by 6 percent or $877 million in 2020 amounting to $12.87 billion, Montsame reports. This was due to a decrease of 1% or $43 million in exports and 14% or $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.