• Analysis and Studies
• Mongolia: a look at the market

The peoples of Mongolia have a long history under a number of nomadic empires, but most famously, they are known for the big Mongol Empire created and ruled by Gengis Khan in the middle ages. Mongolia later fell under the rule of the Manchus of the Chinese Qing Dynasty. Following the collapse of the Chinese imperial family in 1911, Mongolia declared its independence, achieving it with help from the Soviet Union in 1921. Therefore, Mongolia became a socialist state up until the dissolution of the USSR in 1989. During the 1990s Mongolia became a democratic state with an open market economy.

A look at the Market

Mongolia is considered as an East Asian economy with a lower middle income. In the last decades, it developed significant gains in human capital, and it is rich in agricultural and other natural resources. The COVID-19 pandemic exacerbated the economy, but it saw a significant development after the end of the pandemic. Moreover, in the last years, Mongolia experienced growth and poverty fall primarily in rural areas.

Mongolia’s foreign relations are focused on preserving its autonomy by balancing relations with China and Russia, as well as its other major partners, Japan, South Korea, and the US.

With a real GDP of $39.063 billion Mongolia is ranked 124^th economy in the world, whereas its GDP per capita is $11,700. Furthermore, in 2021, Mongolia was the number 95 in total exports, the number 129 in total imports.

Being rich in natural resources and other raw materials, the top exports of Mongolia are Copper Ore ($2.9B), Coal Briquettes ($2.74B), Gold ($2.11B), Iron Ore ($945M), and Animal Hair ($325M). Its major export partners are China ($7.64B), Switzerland ($1.97B), Singapore ($255M), South Korea ($221M), and Russia ($114M).

On the other hand, Mongolia imports mostly Refined Petroleum ($1.01B), Cars ($420M), Delivery Trucks ($303M), Trailers and semi-trailers ($204M), and Electricity ($161M). It major importing partners are mainly from China ($2.5B), Russia ($1.81B), Japan ($484M), South Korea ($366M), and, finally, Germany ($199M).

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