The National Statistical Office of Mongolia has released data on the country’s trade performance for the first four months. Preliminary figures reveal that revenues and state budget assistance reached a substantial 7.1 trillion tugriks as of April. This represents a noteworthy increase of 1.8 trillion tugriks or 34.9% compared to the same period last year. The balanced income also saw significant growth, reaching 6.7 trillion tugriks, marking a remarkable increase of 39.4%.
Robust Trade Performance: Foreign Trade Turnover and Balance Surges
Mongolia’s trade activities displayed a robust performance during the four-month period, engaging with 134 countries. The foreign trade turnover amounted to $7.7 billion, with exports amounting to $5.1 billion and imports totaling $2.7 billion. This indicates an overall increase of 50% in trade turnover, an impressive 81.8% surge in exports, and an incremental rise in imports by $310.5 million. Notably, Mongolia achieved a positive trade balance, with a surplus of $2.4 billion, a substantial increase of 5.4 times compared to the previous year.
Increased Exports, Sustained Positive Balance: Mongolia’s Promising Trade Landscape
Mongolia’s trade sector witnessed notable growth and resilience, contributing to the country’s economic development. The increase in exports by 81.8% demonstrates the strength and competitiveness of Mongolian products in the global market. However, it is worth mentioning that there was a decrease in exports by $199 million and imports by $20.2 million in April compared to the previous month. Despite this temporary decline, the sustained positive trade balance reflects the overall health and potential of Mongolia’s trade landscape.
The robust trade performance and positive trade balance are encouraging indicators for Mongolia’s economic progress. The government’s focus on enhancing trade relations, diversifying exports, and attracting foreign investments has contributed to this favorable outcome. Continued efforts in promoting trade partnerships and exploring new markets are crucial for sustaining the upward trajectory of Mongolia’s economy.