According to the National Statistical Office, Mongolia exported $838.4 million of goods and imported $ 726 million in the first two months of this year. The trade turnover in the first two months reached $ 1.6 billion, up by $ 248.1 million or 18.9% higher than the same period of the previous year. However, exports grew by just 1.6 percent year-on-year, which was mostly affected by gold exports rise by $ 41.4 million. Imports rose 47.9 percent, or $ 235 million, compared to the same period of the previous year, as imports of mineral products, including diesel, machinery, electrical equipment, metallurgy, vehicles and spare parts increased. Mongolia foreign trade surplus reached $ 112.4 million for the first two months, down 67.4 percent from a year ago.

Exports of mineral products reached $ 690.6 million and accounted for 82.4 percent of total exports in the first two months of this year. In particular, coal exports reached $ 245.4 million, representing 35.5% of mineral exports and 29.3% of total exports. In February alone, coal exports reached 1.25 million tons, down 742.8 thousand tons from January. This may have been due to slowdown in port penetration, but Mongolia’s coal exports lowers every time on Chinese New Year holidays.

In the first two months, coal exports are also lower. About 3.25 million tonnes by weight reflects 33.2 percent decline, and $ 245.4 million shows 25 percent decrease compared to the same period of the previous year.

Exports of copper concentrates are estimated to be 205.1 thousand tons or $ 274.6 million over the same period. This was 14.7 percent lower by weight, and 11.5 percent higher by price comparing to the same period of the previous year. Copper, which was exported less that coal last year, has been in the lead since February. The exports of pure copper decreased. In the first two months of this year, pure copper sales weighed 2.3 thousand tons, with a value of $ 15.8 million, which is 20.5% lower by weight and 3.7% lower by earnings comparing to the previous year.

Gold has been ranked third in the export earnings in the first two months. In the same period, Mongolia exported 1.7 tons of gold and made up about $ 72.2 million, which was 2.2 times higher by weight and 2.3 times higher by turnover comparing to the same period of the previous year.

Crude oil exports has reached 1 million and 9.9 thousand barrels, accounting $ 62.6 million, which was 10.3 percent lower by weight and 6.9 percent higher by turnover.

Iron ore exports have risen substantially in the first two months, but export revenue declines have fallen. Mongolia exports 932.4 thousand tons of ore which is 30.7% higher than last year, but export earnings decreased by 11.9% to $ 39.6 million.

Exports of zinc ore and zinc concentrate has performed good. In the same period, sales of zinc concentrate increased by 13.1 percent to 21.1 thousand tons, and its export earnings rose 37.9 percent to $ 37.2 million.

The same goes for exports of fluorine ore and fluorine concentrate. Export volume of fluorspar increased by 48.7 percent to 49.5 thousand tons, and its export earnings increased by 103.6% to about $ 15.7 million.

Exports of lead ore and lead ore concentrate have increased by 14.9 percent to 2.48 million tons, and its export revenues has rise 7.2 percent to $ 6.6 million. 

Exports of molybdenum concentrate has fallen 19.2 percent to 0.9 thousand tons, but its export earnings increased by 7.1 percent to $6.08 million.

Exports of copper, crude oil, zinc, fluorine, molybdenum and tungsten have grown substantially. This is a favorable market situation. However, a total export of mineral products decreased by $ 37.2 million or 5.1% compared to the same period of the previous year as the coal export decreased by 25% or $ 82 million over the first two months.

Source: MongolianMiningJournal.com