Events
| Name | organizer | Where |
|---|---|---|
| MBCC “Doing Business with Mongolia seminar and Christmas Receptiom” Dec 10. 2024 London UK | MBCCI | London UK Goodman LLC |
NEWS
BUDGET 2026: Social insurance and welfare pensions to rise by 6% next year www.gogo.mn
The Government has submitted the 2026 Budget Bill and is holding a public consultation to gather citizens’ comments on next year’s budget.
According to the draft bill, the Government projects balanced revenues of MNT 31.6 trillion, equivalent to 30.9% of GDP, and total expenditures of MNT 33.0 tugriks, or 32.2% of GDP, resulting in a basic budget balance of MNT 2.0 trillion (2.0% of GDP) in 2026.
As part of its policy to improve the accessibility of social protection programs, the Government plans to increase social insurance and social welfare pensions by 6 percent next year. The budget earmarks MNT 378.4 billion for this purpose.
The bill also reflects the rising costs linked to the growing number of pension and allowance recipients under the social insurance and welfare systems. This includes more children allowance, as well as increases in temporary disability, unemployment, and funeral benefits.
The legal framework requiring wages, pensions, and allowances to be adjusted in line with inflation was introduced in the 2025 fiscal year. Under this policy, pensions and benefits were also increased by 6% last year.
Gazprom signs memorandum of cooperation with Mongolian govt on oil and gas www.interfax.com
Gazprom has signed a memorandum of cooperation with the Mongolian government aimed at developing a partnership in the oil and gas sectors.
The document was signed during a working visit by a delegation from PJSC Gazprom led by Management Board Chairman Alexei Miller to Mongolia, Gazprom said.
Miller held working meetings with the Mongolian president and the country's prime minister in Ulaanbaatar. "The meetings discussed prospects for cooperation in the gas sector," Gazprom said.
It was previously reported that the Mongolian side is completing the environmental assessment of the Soyuz Vostok gas pipeline from Russia to China, which will become an extension of Power of Siberia 2. The Power of Siberia 2 project involves supplying up to 50 billion cubic meters of gas per year to China through Mongolian territory from the resources of Western Siberia. The project's implementation timeline depends on the conclusion of a contract between Gazprom and China's CNPC, negotiations for which are still ongoing.
Natural gas consumption in Mongolia, through which a transit gas pipeline from Russia to China will be laid, could reach 5.6 bcm per year by 2040, according to estimates by scientists from the Melentyev Institute of Energy Systems of the Russian Academy of Sciences' Siberian Branch.
Water-related accidents kill 70 in Mongolia this year www.xinhuanet.com
A total of 70 people have been killed in water-related accidents across Mongolia since the beginning of 2025, the country's National Emergency Management Agency (NEMA) said Tuesday.
Among the dead people, 50 were adults and 20 were children, said a statement from NEMA.
Water-related accidents in Mongolia happen more often during summer and vacation seasons due to a dramatically increasing number of people who travel to the countryside, said the NEMA.
The agency urged people to stay away from flooding rivers to prevent possible accidents.
In 2024, a total of 77 people, including 14 children, were killed in water-related accidents in Mongolia, according to the agency.
Fitch Affirms Mongolian Mining at 'B+'; Outlook Stable www.fitchratings.com
Fitch Ratings - Seoul/Taipei - 25 Aug 2025: Fitch Ratings has affirmed coal producer Mongolian Mining Corporation's (MMC) Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'B+'. The Outlook is Stable. Fitch has also affirmed MMC's senior unsecured notes due 2030 at 'B+' with a Recovery Rating of 'RR4'. The notes are jointly and severally issued by MMC and its wholly owned subsidiary, Energy Resources LLC.
MMC's IDR is constrained by its concentrated end-customer base, small scale and the high country risk for mining operations in Mongolia. We expect earnings to deteriorate substantially in 2025, largely due to lower coal prices. However, we believe its rating headroom remains substantial with net leverage remaining below 0.5x over the next two to three years, well below the negative sensitivity of 3.0x. We believe the rating is further supported by the company's ability to generate positive FCF despite challenging market conditions.
Key Rating Drivers
Limited by Scale and Concentration: MMC's small scale, and product and geographical concentration constrain its business profile. The company's EBITDA is low compared with Fitch-rated coal miners globally. We expect annual EBITDA to remain below USD400 million over the next two to three years as we forecast lower coking coal selling prices. Washed coking coal products contributed to 97% of total revenue in 2024, in line with historical levels.
We believe that MMC's main end-customer base is in northern China, even though the share of the top 10 customers located there has decreased substantially in recent years. The heavy reliance on Chinese customers makes it vulnerable to economic conditions and regulatory changes in China. MMC's mine gate cash cost is in the first quartile of the global coking-coal cost curve, but its cost advantage is limited to northern China. We believe additional transportation costs beyond the region would put MMC in the higher quartiles of the cost curve.
Country Risk Remains High: We believe MMC's financials are significantly affected by the volatility of Mongolia's mining regulations. The company's mining assets are all in Mongolia and subject to local regulations. The effective rate for the royalty reference price was raised to over 20% during the Covid-19 pandemic, from 5%-8%, increasing MMC's financial pressure. The reference price has fallen and stabilised and the mining product exchange established a more transparent reference price from October 2023, but the record of stable regulation is short.
Lower Prices Affect Earnings: We expect revenue and EBITDA to deteriorate substantially yoy in 2025, largely due to lower metallurgical coal prices, especially in 1H25, and sales volume. Earnings should improve in 2H25 with product mix improvements, slightly higher average selling prices and gold production targeted to start in late August. Overall, we expect the EBITDA margin to fall to around 36% in 2025 (2024: 47%) and remain below 40% in 2026-2027 amid a limited recovery in coking coal prices, steady coal sales and ramped up gold mining operations.
Financial Profile Remain Robust: We forecast EBITDA net leverage to increase slightly in 2025 to 0.4x (2024: 0.2x) on expectations of lower earnings in 2025, but to improve from 2026 with higher EBITDA and continued positive FCF generation. We expect FCF to stay positive but reduce significantly in 2025 to close to neutral levels due to the EBITDA decline and higher capex, but we believe FCF generation will improve from 2026 as capex normalises and earnings improve.
Acquisitions Drive Diversification and Growth: MMC has started diversifying into other metals through its recent acquisitions of 50% of Erdene Mongol LLC, a gold and precious metals exploration company, and 50.5% of Universal Copper LLC, a copper and other non-ferrous metals exploration company. However, the coal segment will remain its dominant revenue contributor in the short to medium term. We do not expect aggressive M&A in the next two to three years, as management has indicated a cautious approach to acquisitions.
Still, we will evaluate any debt-funded investment larger than Fitch expects as an event-driven risk and assess the effects on MMC's financial flexibility and credit profile.
Peer Analysis
MMC is a single-product coal miner, similar to Indonesia-based miner peers PT Indika Energy Tbk (B+/Stable), PT Golden Energy Mines Tbk (GEMS, BB-/Stable) and Golden Energy and Resources Pte. Ltd. (GEAR, B+/Negative) in Australia. Its operational profile in terms of mine life is over 20 years, similar to GEAR's 23 and higher than GEMS's around 20 years and Indika's around 14 years. Still, MMC's concentrated customer base and Mongolia's volatile mining regulations compare unfavourably with that of rated peers.
MMC is slightly larger than Indika in terms of EBITDA despite its smaller scale, as MMC has a much higher EBITDA margin due to its low cost position in the first quartile of the global cost curve. MMC's EBITDA net leverage is also lower than that of Indika. GEAR, like MMC, is focused on metallurgical coal, but MMC has a stronger financial profile with higher margins and lower leverage.
MMC is smaller than GEMS in terms of production scale but has a much higher EBITDA margin. However, GEMS also has a more conservative financial profile with a net cash position at end-December 2024.
Key Assumptions
- Total annual coal sales volume slightly below 8 million tonnes (mt) on average in 2025-2027
- Revenue to fall by 20% in 2025, grow by 21% in 2026 and decline by 3% in 2027
- EBITDA margin of 36% in 2025, 39% in 2026 and 38% in 2027
- Capex of USD236 million in 2025, USD225 million in 2026 and USD183 million in 2027
- No dividend payment in 2025-2027
Recovery Analysis
- The recovery analysis assumes that Mongolian Mining would be reorganised as a going concern in bankruptcy rather than liquidated.
- We have assumed a 10% administrative claim.
- An enterprise value/EBITDA multiple of 4x is applied to the going-concern EBITDA to calculate a post-reorganisation enterprise value
- MMC's going-concern EBITDA is based on the average EBITDA we expect between 2025-2028
- In the distribution waterfall, we have assumed all secured debt to be prior ranking debt.
- Using these assumptions in the recovery calculation, as specified in Fitch's Corporates Recovery Ratings and Instrument Ratings Criteria, Fitch estimates MMC's US dollar bonds will have a 100% recovery rate. The criteria also stipulates an 'RR3' cap on second lien and unsecured instruments for 'B+' rated instruments (except where these instruments are issued by structurally senior operating subsidiaries in a multitier corporate structure). The company's business location in Mongolia further caps MMC's recovery rating at 'RR4'.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade:
- EBITDA net leverage above 3.0x for a sustained period;
- Adverse changes in mining regulations in Mongolia.
Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade:
- Positive rating action is not envisaged in light of MMC's limited diversification in end customers and high country risk.
Liquidity and Debt Structure
MMC's liquidity was adequate with readily available cash on hand of USD141 million at end-December 2024 and no short-term maturities within the next 12 months. Total debt was USD240 million, consisting of USD220 million of senior notes due 2026 and a USD20 million loan at Erdene Mongol. In March 2025, the company successfully refinanced its USD220 million bonds due 2026 by issuing a USD350 million bond due 2030, improving its liquidity and extending its debt maturity profile significantly.
Issuer Profile
MMC is the largest producer and exporter of high-quality hard coking coal in Mongolia. It owns and operates the Ukhaa Khudag and Baruun Naran open-pit coking coal mines in South Gobi province. MMC processed 15.4mt of run-of-mine coal in 2024, which yielded around 8.4mt of washed coking coal as a primary product and 0.7mt of middlings as a secondary product.
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING
The principal sources of information used in the analysis are described in the Applicable Criteria.
MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS
Click here to access Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in our credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included.
ESG Considerations
The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. For more information on Fitch's ESG Relevance Scores, visit https://www.fitchratings.com/topics/esg/products....
20-day odd-even license plate restriction to begin on August 27 www.gogo.mn
Starting from August 27, Ulaanbaatar will implement a 20-day restriction on odd and even license plate numbers in response to the expected surge in traffic congestion as the new school year begins.
According to the capital city authorities, a public survey was conducted to gauge citizens’ views on limiting vehicle use by odd and even license plates on weekdays, regardless of zoning. The survey closed at midnight yesterday, and based on the results, the decision to enforce the restriction was finalized.
The measure will be in effect for 20 days, though it will be suspended on September 1, the official first day of school.
D.Badarsan, coordinator of the Capital’s Road Traffic Congestion Reduction Project and Program, confirmed the decision alongside the Traffic Control Authority (TCA) and the Traffic Safety and Road Transport Center (TSRTC).
Odd-Even Driving Schedule in Ulaanbaatar (Aug 27 – Sep 16, 2025)
If your license plate ends in an odd number (1, 3, 5, 7, 9):
You may drive on: August 27, 29, 31 and September 3, 5, 7, 9, 11, 13, 15.
If your license plate ends in an even number (0, 2, 4, 6, 8):
You may drive on: August 28, 30 and September 2, 4, 6, 8, 10, 12, 14, 16.
The restrictions will apply from 8:00 AM to 8:00 PM in six central districts.
Why Chinese Inner Mongolia Baotou Steel Union's 40% Profit Surge Signals a Strong Buy Opportunity www.ainvest.com
The steel sector, a barometer of global economic cycles, is showing early signs of a long-awaited rebound. At the forefront of this revival is Inner Mongolia Baotou Steel Union Co., Ltd. (600010.SS), whose 40% year-over-year profit surge in Q2 2025 has ignited investor optimism. This article examines how the company's robust earnings growth, favorable technical indicators, and strategic operational improvements position it as a compelling near-term investment in a cyclical sector poised for recovery.
Technical Momentum: A Convergence of Signals
Baotou Steel's stock has recently exhibited a rare alignment of technical indicators, suggesting strong upward momentum. On August 25, 2025, the stock closed at $2.99, up 9.93% from the previous session—a surge fueled by a Golden Star Signal triggered on June 26, 2025. This rare technical pattern, where short-term and long-term moving averages converge with price action, historically precedes prolonged gains.
The stock's price is currently in a strong rising trend, with the 50-day moving average above the 200-day line—a bullish “death cross” reversal. Analysts project a 58.72% price appreciation over the next three months, with a 90% probability of closing between $4.18 and $5.17 by November 2025. Key support levels at $2.68 and $2.52 provide downside protection, while the absence of immediate resistance suggests room for further gains.
Fundamental Catalysts: Profitability and Strategic Expansion
Baotou Steel's Q2 2025 earnings report revealed a 40% year-over-year net profit increase, driven by a combination of cost discipline, product innovation, and market diversification. The company's gross margin expanded from 20.5% in 2020 to 23.4% in 2022, reflecting operational efficiency gains from automation initiatives like its Smart Steel Production Line, which reduced labor costs by 15%.
Strategically, the company has diversified into high-margin segments such as high-strength steel for automotive and construction sectors, which now account for 30% of its revenue. This shift aligns with global demand for lightweight, durable materials in electric vehicles and green infrastructure projects. Additionally, Baotou Steel's 12% export growth in 2023—driven by expansion into Southeast Asia and Africa—has insulated it from domestic market volatility.
Cyclical Sector Rebound: A Tailwind for Steel
The steel industry is inherently cyclical, with demand tied to infrastructure spending and manufacturing activity. Baotou Steel is uniquely positioned to benefit from two macroeconomic trends:
1. Global Infrastructure Booms: China's 14th Five-Year Plan and international initiatives like the Belt and Road project are driving steel demand. Baotou Steel's proximity to Inner Mongolia's raw material resources reduces logistics costs, enhancing its competitive edge.
2. Green Steel Transition: The company's $300 million investment in green technologies over five years—targeting an 18% reduction in carbon emissions per ton—positions it to capture emerging markets for sustainable materials.
Risk Mitigation: Liquidity and Debt Management
While Baotou Steel's debt-to-equity ratio of 1.2 is higher than the industry average, its liquidity metrics are robust. A current ratio of 1.40 and a quick ratio of 0.98, supported by an operating cash flow of CNY 8.1 billion in 2023, ensure the company can service debt and fund growth. Recent bond issuances, including a RMB 3 billion offering in early 2023, have provided flexibility for capital expenditures and refinancing.
Investment Thesis: A Strong Buy in a Rebounding Sector
The convergence of technical and fundamental factors makes Baotou Steel a prime candidate for capital appreciation. Its 40% profit surge reflects improved operational efficiency and strategic diversification, while technical indicators suggest a high probability of continued price momentum. For investors seeking exposure to a cyclical rebound in steel, Baotou Steel offers a compelling risk-reward profile:
Entry Point: Current price of $2.99, with a projected 58.72% rise by November 2025.
Stop-Loss: $2.88 (-3.52%), protecting against short-term volatility.
Valuation: A P/E ratio of 8.5 and P/B ratio of 1.2 indicate undervaluation relative to peers.
Conclusion
Inner Mongolia Baotou Steel Union's 40% profit surge is not an isolated event but a harbinger of a broader steel sector recovery. With technical indicators flashing green, fundamentals strengthening, and macroeconomic tailwinds in place, the stock represents a rare convergence of momentum and value. For investors with a medium-term horizon, this is a strong buy opportunity in a sector poised to outperform.
Final Note: As with all cyclical investments, monitor global economic data and steel price trends for signs of overbought conditions. However, Baotou Steel's operational resilience and strategic positioning make it a standout in a rebounding industry.
The Speaker of the House of Representatives of New Zealand, Gerry Brownlee, will pay an official visit to Mongolia www.parliament.mn
At the invitation of Mr. Amarbayasgalan Dashzegve, Chairman of the State Great Hural of Mongolia, The Right Honourable Gerard Brownlee, Speaker of the House of Representatives of the Parliament of New Zealand, will pay an official visit to Mongolia from 31 August to 3 September 2025.
The upcoming visit is the first-ever visit at the level of the Speaker of the New Zealand Parliament to Mongolia and is aimed at expanding the scope of bilateral relations, increasing the frequency of high-level exchanges and dialogues, and strengthening inter-parliamentary cooperation. Within the framework of the visit, Speaker of the State Great Hural D. Amarbayasgalan and Speaker of the House of Representatives G. Brownlee will hold official talks.
Mongolia and New Zealand established diplomatic relations on 8 April 1975, and this year marks the 50th anniversary of the bilateral relations.
Mongolia's forex reserves reach 5.38 bln USD www.xinhuanet.com
Mongolia's foreign exchange reserves stood at 5.38 billion U.S. dollars at the end of July 2025, according to the country's central bank on Monday.
The figure represents a 3.34-percent increase over the previous month and a decrease of 2.36 percent since the beginning of this year, the Bank of Mongolia said in a statement.
The central bank expects to increase the country's foreign exchange reserves to 6.5 billion dollars in the medium term and up to 10 billion dollars in the long term.
According to the regulator, Mongolia's foreign exchange reserves stood at 5.5 billion dollars by the end of December 2024.
Will China’s ‘Great Green Wall’ expand to Mongolia in joint desertification fight? www.scmp.com
China and Mongolia are joining forces to build an ecological security barrier to combat desertification and sandstorms, which may involve an expansion of the Chinese “Great Green Wall” across their shared border.
The project is the latest in joint efforts to help slow the spread of desertification in the Mongolian Plateau.
With nearly 80 per cent of Mongolian land degraded, the country’s battle with desertification has consequences that extend beyond its borders, posing challenges for the wider East Asian region.
The Gobi Desert, spanning a vast swathe of northern and northeastern China and parts of southern Mongolia, is a key source of sand and dust for sandstorms that have become increasingly severe in recent years, driven by stronger winds and growing desertification.
In 2021, China had its worst sandstorm in a decade as yellow sand and dust blanketed a dozen northern provinces, leading to soaring pollution levels and several deaths.
In recent decades, Beijing has launched massive reforestation and sand-control efforts to halt the spread of the Gobi Desert, which is the largest in Asia.
The project, also known as China’s “Great Green Wall”, has reduced sandstorms originating within the country’s borders.
However, severe sandstorms influenced by conditions in Mongolia have revealed that the efforts may need to be taken across the border to prove more effective.
In June, researchers from the Chinese Academy of Sciences (CAS) and Mongolian Academy of Sciences (MAS) met in Ulaanbaatar to discuss the “joint construction of an ecological security barrier between China and Mongolia”.
“Dramatic climate change, coupled with increased disasters and ecological risks such as sandstorms, has not only had a significant ecological impact on Mongolia but also posed a serious ecological threat to [China] through cross-border transmission,” the CAS Institute of Geographic Sciences and Natural Resources Research said on its website.
As part of the trip, experts from both countries conducted field research “in key areas of ecological barrier construction” in Mongolia’s central Govisümber province, including visiting jointly designed experimental bases for desertification control.
The expedition and meetings helped to “facilitate cooperation between China and Mongolia in the joint construction of ecological security barriers, climate change response, desertification and sandstorm control, and green development”, according to the CAS institute.
The efforts will be led by the CAS institute along with MAS’ Institute of Geography and Geoecology.
The South China Morning Post has contacted the coordinators at both academies for comment.
About 77 per cent of Mongolia’s land is classified as degraded as a result of unsustainable pasture practices, overgrazing and climate change, according to the United Nations.
Meanwhile, rising temperatures and decreasing rainfall across Mongolia have led to widespread droughts and desertification, and this trend is only expected to continue under the influence of climate change.
To tackle this, Mongolia has rolled out more than a dozen environmental protection plans and hundreds of projects over the past decade.
But these have had limited success in halting desertification, according to a paper published in the peer-reviewed journal Land in April last year.
The authors from the CAS Xinjiang Institute of Ecology and Geography noted that while desertification in China had decreased between 2000 and 2020, it continued to expand in Mongolia during the same period.
Because of strong, cyclone-driven winds as well as dry sand and soil conditions, Mongolia has dozens of sandstorms every year, with the most severe occurring in the spring and early summer.
These wind patterns can form large, violent sandstorms that affect Mongolia and China and can even reach as far as the Korean peninsula.
In addition to the severe sandstorms across East Asia in 2021, those in 2023 affected 18 Chinese provinces and municipalities as far south as Hunan province.
China itself has long battled desertification and sandstorms in its northern regions.
In the 1970s, it launched the “Three North Shelterbelt Forest Programme” to stabilise parts of the Gobi Desert, including a network of thousands of kilometres of forests and shrubs. China’s “Green Great Wall” has helped to reduce sandstorms in the capital.
In addition, Beijing has launched several megaprojects as part of its wider initiative, including surrounding the country’s largest desert – the Taklamakan Desert in the Xinjiang Uygur autonomous region – with a 3,050km (1,900-mile) sand belt of trees, shrubs, straw grids and solar panels.
Earlier this year, a 1,856km sand control belt spanning three deserts in the westernmost part of the Inner Mongolia autonomous region was completed.
While these efforts have succeeded in holding back the expansion of dunes, they are a massive years-long undertaking.
China has also lent its anti-desertification expertise to the construction of Africa’s own Great Green Wall, which stretches 7,700km across the southern edge of the Sahara Desert.
Closer to home, a number of Chinese institutes have been involved in projects in Mongolia since 2017. This includes a 27-hectare dune stabilisation and vegetation recovery project in the country’s northern Bulgan province, according to state broadcaster CGTN.
Several other projects, including monitoring grassland, desertification control and tree and shrub planting, have been implemented in the years since.
In 2023, the China-Mongolia Desertification Prevention and Control Cooperation Centre was established in the Mongolian capital of Ulaanbaatar.
CAS said the centre was launched to support the sharing of China’s “established afforestation, grass planting and sand control techniques and models in Mongolia”.
By Victoria Bela
Prior to joining SCMP in 2023, Victoria received her Bachelor’s degrees in Environmental Health and Environmental Studies from the University of Rochester, where she also worked in a Biochemistry lab. She holds a Master's in Public Policy from Peking University.
Mongolia 2025. In the First Half Motorcycles Industry Boomed Up 38.2% www.motorcyclesdata.com
Mongolia Motorcycles Market hits new record sales. The start of 2025 does not show any signs that the momentum is gone and during the first half the 2-wheeler sales have been 25.429 (+38.2%) again one of the best performance word-wide.
Economic Outlook
Mongolia’s economy will remain robust in 2024-25, as a government-led expansion of transport infrastructure boosts mining exports. Soaring export receipts will also maintain a sound balance-of-payment position and access to international capital markets. Mongolia is positioning itself as an emerging provider of critical minerals in an attempt to court investments from Western countries, although this will not meaningfully reduce its dependence on coal exports to China in the near term.
ADB forecasts Mongolia’s economic growth at 5.5% for 2024, up from the 4.1% projected in April. Growth is expected to accelerate to 6.0% in 2025, in line with earlier projections. Continued growth is expected to be driven by expansions in the services and industry sectors, including mining. A recovery in agriculture from the sharp decline experienced in the first quarter of 2024, combined with increased government spending, should also boost economic activity next year.
Motorcycles Industry Trend and Perspectives
In such positive environment, the motorcycles industry is fast growing and our forecast for the next decade is very interesting with a market projected to increase over 5 time from the 2020 level. The two wheeler is the best individual device for low income people and the economic growth is pushing up demand for motorcycle as in no other country in the world.
In 2024 the market continued to fast growing hitting the sixth record in a row and sales have been 35.009 (65.8%), one of the best performance worldwide.
The start of 2025 does not show any signs that the momentum is gone and during the first half the 2-wheeler sales have been 25.429 (+38.2%) again one of the best performance word-wide.
Most of sales are concentrated within the motorcycle segment, which is growing 42.3% this year.
All top manufacturers are Chinese, with Dayun market leader and growing 104.9%.
In second place there is Shineray (-7.3%) followed by Haojue (+36.5%), Zongshen, arrived recently but already booming, and Zhujiang (-36.4%).
The top Japanese manufacturer is Yamaha (+23.8%), while the best European is Gas Gas (-66.2%).
Mongolia Overview
The large central Asian nation of Mongolia is rapidly developing its economy with a to grow from 5.8 percent in 2023 to 6.2 percent in 2024 as the mining sector expands, private consumption recovers, and fiscal expansion stays strong, according to the World Bank.
In the medium term, economic growth is expected to accelerate, averaging above 6 percent in 2025-2026, driven by a substantial increase in mineral production as Oyu Tolgoi’s 2023 mining production is anticipated to more than double by 2025.
Yet, significant downside risks persist. These risks encompass lower mineral exports prompted by slower-than-expected growth in China, as well as uncertainties on coal offtake agreements. Additional risks include inflationary pressures stemming from both further domestic fiscal expansion and heightened geopolitical tension in the Middle East, potentially resulting in higher oil prices.
In the country there are 4 million citizens with a nominal GDP of US$4.947, the half of world’s average and the road infrastructures still need to be developed, while the main private transportation within the only existing metropolitan area, the capital, Ulaanbaatar, where over 1.25 million people live, is based on 2-wheelers.
- «
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
- 11
- 12
- 13
- 14
- 15
- 16
- 17
- 18
- 19
- 20
- 21
- 22
- 23
- 24
- 25
- 26
- 27
- 28
- 29
- 30
- 31
- 32
- 33
- 34
- 35
- 36
- 37
- 38
- 39
- 40
- 41
- 42
- 43
- 44
- 45
- 46
- 47
- 48
- 49
- 50
- 51
- 52
- 53
- 54
- 55
- 56
- 57
- 58
- 59
- 60
- 61
- 62
- 63
- 64
- 65
- 66
- 67
- 68
- 69
- 70
- 71
- 72
- 73
- 74
- 75
- 76
- 77
- 78
- 79
- 80
- 81
- 82
- 83
- 84
- 85
- 86
- 87
- 88
- 89
- 90
- 91
- 92
- 93
- 94
- 95
- 96
- 97
- 98
- 99
- 100
- 101
- 102
- 103
- 104
- 105
- 106
- 107
- 108
- 109
- 110
- 111
- 112
- 113
- 114
- 115
- 116
- 117
- 118
- 119
- 120
- 121
- 122
- 123
- 124
- 125
- 126
- 127
- 128
- 129
- 130
- 131
- 132
- 133
- 134
- 135
- 136
- 137
- 138
- 139
- 140
- 141
- 142
- 143
- 144
- 145
- 146
- 147
- 148
- 149
- 150
- 151
- 152
- 153
- 154
- 155
- 156
- 157
- 158
- 159
- 160
- 161
- 162
- 163
- 164
- 165
- 166
- 167
- 168
- 169
- 170
- 171
- 172
- 173
- 174
- 175
- 176
- 177
- 178
- 179
- 180
- 181
- 182
- 183
- 184
- 185
- 186
- 187
- 188
- 189
- 190
- 191
- 192
- 193
- 194
- 195
- 196
- 197
- 198
- 199
- 200
- 201
- 202
- 203
- 204
- 205
- 206
- 207
- 208
- 209
- 210
- 211
- 212
- 213
- 214
- 215
- 216
- 217
- 218
- 219
- 220
- 221
- 222
- 223
- 224
- 225
- 226
- 227
- 228
- 229
- 230
- 231
- 232
- 233
- 234
- 235
- 236
- 237
- 238
- 239
- 240
- 241
- 242
- 243
- 244
- 245
- 246
- 247
- 248
- 249
- 250
- 251
- 252
- 253
- 254
- 255
- 256
- 257
- 258
- 259
- 260
- 261
- 262
- 263
- 264
- 265
- 266
- 267
- 268
- 269
- 270
- 271
- 272
- 273
- 274
- 275
- 276
- 277
- 278
- 279
- 280
- 281
- 282
- 283
- 284
- 285
- 286
- 287
- 288
- 289
- 290
- 291
- 292
- 293
- 294
- 295
- 296
- 297
- 298
- 299
- 300
- 301
- 302
- 303
- 304
- 305
- 306
- 307
- 308
- 309
- 310
- 311
- 312
- 313
- 314
- 315
- 316
- 317
- 318
- 319
- 320
- 321
- 322
- 323
- 324
- 325
- 326
- 327
- 328
- 329
- 330
- 331
- 332
- 333
- 334
- 335
- 336
- 337
- 338
- 339
- 340
- 341
- 342
- 343
- 344
- 345
- 346
- 347
- 348
- 349
- 350
- 351
- 352
- 353
- 354
- 355
- 356
- 357
- 358
- 359
- 360
- 361
- 362
- 363
- 364
- 365
- 366
- 367
- 368
- 369
- 370
- 371
- 372
- 373
- 374
- 375
- 376
- 377
- 378
- 379
- 380
- 381
- 382
- 383
- 384
- 385
- 386
- 387
- 388
- 389
- 390
- 391
- 392
- 393
- 394
- 395
- 396
- 397
- 398
- 399
- 400
- 401
- 402
- 403
- 404
- 405
- 406
- 407
- 408
- 409
- 410
- 411
- 412
- 413
- 414
- 415
- 416
- 417
- 418
- 419
- 420
- 421
- 422
- 423
- 424
- 425
- 426
- 427
- 428
- 429
- 430
- 431
- 432
- 433
- 434
- 435
- 436
- 437
- 438
- 439
- 440
- 441
- 442
- 443
- 444
- 445
- 446
- 447
- 448
- 449
- 450
- 451
- 452
- 453
- 454
- 455
- 456
- 457
- 458
- 459
- 460
- 461
- 462
- 463
- 464
- 465
- 466
- 467
- 468
- 469
- 470
- 471
- 472
- 473
- 474
- 475
- 476
- 477
- 478
- 479
- 480
- 481
- 482
- 483
- 484
- 485
- 486
- 487
- 488
- 489
- 490
- 491
- 492
- 493
- 494
- 495
- 496
- 497
- 498
- 499
- 500
- 501
- 502
- 503
- 504
- 505
- 506
- 507
- 508
- 509
- 510
- 511
- 512
- 513
- 514
- 515
- 516
- 517
- 518
- 519
- 520
- 521
- 522
- 523
- 524
- 525
- 526
- 527
- 528
- 529
- 530
- 531
- 532
- 533
- 534
- 535
- 536
- 537
- 538
- 539
- 540
- 541
- 542
- 543
- 544
- 545
- 546
- 547
- 548
- 549
- 550
- 551
- 552
- 553
- 554
- 555
- 556
- 557
- 558
- 559
- 560
- 561
- 562
- 563
- 564
- 565
- 566
- 567
- 568
- 569
- 570
- 571
- 572
- 573
- 574
- 575
- 576
- 577
- 578
- 579
- 580
- 581
- 582
- 583
- 584
- 585
- 586
- 587
- 588
- 589
- 590
- 591
- 592
- 593
- 594
- 595
- 596
- 597
- 598
- 599
- 600
- 601
- 602
- 603
- 604
- 605
- 606
- 607
- 608
- 609
- 610
- 611
- 612
- 613
- 614
- 615
- 616
- 617
- 618
- 619
- 620
- 621
- 622
- 623
- 624
- 625
- 626
- 627
- 628
- 629
- 630
- 631
- 632
- 633
- 634
- 635
- 636
- 637
- 638
- 639
- 640
- 641
- 642
- 643
- 644
- 645
- 646
- 647
- 648
- 649
- 650
- 651
- 652
- 653
- 654
- 655
- 656
- 657
- 658
- 659
- 660
- 661
- 662
- 663
- 664
- 665
- 666
- 667
- 668
- 669
- 670
- 671
- 672
- 673
- 674
- 675
- 676
- 677
- 678
- 679
- 680
- 681
- 682
- 683
- 684
- 685
- 686
- 687
- 688
- 689
- 690
- 691
- 692
- 693
- 694
- 695
- 696
- 697
- 698
- 699
- 700
- 701
- 702
- 703
- 704
- 705
- 706
- 707
- 708
- 709
- 710
- 711
- 712
- 713
- 714
- 715
- 716
- 717
- 718
- 719
- 720
- 721
- 722
- 723
- 724
- 725
- 726
- 727
- 728
- 729
- 730
- 731
- 732
- 733
- 734
- 735
- 736
- 737
- 738
- 739
- 740
- 741
- 742
- 743
- 744
- 745
- 746
- 747
- 748
- 749
- 750
- 751
- 752
- 753
- 754
- 755
- 756
- 757
- 758
- 759
- 760
- 761
- 762
- 763
- 764
- 765
- 766
- 767
- 768
- 769
- 770
- 771
- 772
- 773
- 774
- 775
- 776
- 777
- 778
- 779
- 780
- 781
- 782
- 783
- 784
- 785
- 786
- 787
- 788
- 789
- 790
- 791
- 792
- 793
- 794
- 795
- 796
- 797
- 798
- 799
- 800
- 801
- 802
- 803
- 804
- 805
- 806
- 807
- 808
- 809
- 810
- 811
- 812
- 813
- 814
- 815
- 816
- 817
- 818
- 819
- 820
- 821
- 822
- 823
- 824
- 825
- 826
- 827
- 828
- 829
- 830
- 831
- 832
- 833
- 834
- 835
- 836
- 837
- 838
- 839
- 840
- 841
- 842
- 843
- 844
- 845
- 846
- 847
- 848
- 849
- 850
- 851
- 852
- 853
- 854
- 855
- 856
- 857
- 858
- 859
- 860
- 861
- 862
- 863
- 864
- 865
- 866
- 867
- 868
- 869
- 870
- 871
- 872
- 873
- 874
- 875
- 876
- 877
- 878
- 879
- 880
- 881
- 882
- 883
- 884
- 885
- 886
- 887
- 888
- 889
- 890
- 891
- 892
- 893
- 894
- 895
- 896
- 897
- 898
- 899
- 900
- 901
- 902
- 903
- 904
- 905
- 906
- 907
- 908
- 909
- 910
- 911
- 912
- 913
- 914
- 915
- 916
- 917
- 918
- 919
- 920
- 921
- 922
- 923
- 924
- 925
- 926
- 927
- 928
- 929
- 930
- 931
- 932
- 933
- 934
- 935
- 936
- 937
- 938
- 939
- 940
- 941
- 942
- 943
- 944
- 945
- 946
- 947
- 948
- 949
- 950
- 951
- 952
- 953
- 954
- 955
- 956
- 957
- 958
- 959
- 960
- 961
- 962
- 963
- 964
- 965
- 966
- 967
- 968
- 969
- 970
- 971
- 972
- 973
- 974
- 975
- 976
- 977
- 978
- 979
- 980
- 981
- 982
- 983
- 984
- 985
- 986
- 987
- 988
- 989
- 990
- 991
- 992
- 993
- 994
- 995
- 996
- 997
- 998
- 999
- 1000
- 1001
- 1002
- 1003
- 1004
- 1005
- 1006
- 1007
- 1008
- 1009
- 1010
- 1011
- 1012
- 1013
- 1014
- 1015
- 1016
- 1017
- 1018
- 1019
- 1020
- 1021
- 1022
- 1023
- 1024
- 1025
- 1026
- 1027
- 1028
- 1029
- 1030
- 1031
- 1032
- 1033
- 1034
- 1035
- 1036
- 1037
- 1038
- 1039
- 1040
- 1041
- 1042
- 1043
- 1044
- 1045
- 1046
- 1047
- 1048
- 1049
- 1050
- 1051
- 1052
- 1053
- 1054
- 1055
- 1056
- 1057
- 1058
- 1059
- 1060
- 1061
- 1062
- 1063
- 1064
- 1065
- 1066
- 1067
- 1068
- 1069
- 1070
- 1071
- 1072
- 1073
- 1074
- 1075
- 1076
- 1077
- 1078
- 1079
- 1080
- 1081
- 1082
- 1083
- 1084
- 1085
- 1086
- 1087
- 1088
- 1089
- 1090
- 1091
- 1092
- 1093
- 1094
- 1095
- 1096
- 1097
- 1098
- 1099
- 1100
- 1101
- 1102
- 1103
- 1104
- 1105
- 1106
- 1107
- 1108
- 1109
- 1110
- 1111
- 1112
- 1113
- 1114
- 1115
- 1116
- 1117
- 1118
- 1119
- 1120
- 1121
- 1122
- 1123
- 1124
- 1125
- 1126
- 1127
- 1128
- 1129
- 1130
- 1131
- 1132
- 1133
- 1134
- 1135
- 1136
- 1137
- 1138
- 1139
- 1140
- 1141
- 1142
- 1143
- 1144
- 1145
- 1146
- 1147
- 1148
- 1149
- 1150
- 1151
- 1152
- 1153
- 1154
- 1155
- 1156
- 1157
- 1158
- 1159
- 1160
- 1161
- 1162
- 1163
- 1164
- 1165
- 1166
- 1167
- 1168
- 1169
- 1170
- 1171
- 1172
- 1173
- 1174
- 1175
- 1176
- 1177
- 1178
- 1179
- 1180
- 1181
- 1182
- 1183
- 1184
- 1185
- 1186
- 1187
- 1188
- 1189
- 1190
- 1191
- 1192
- 1193
- 1194
- 1195
- 1196
- 1197
- 1198
- 1199
- 1200
- 1201
- 1202
- 1203
- 1204
- 1205
- 1206
- 1207
- 1208
- 1209
- 1210
- 1211
- 1212
- 1213
- 1214
- 1215
- 1216
- 1217
- 1218
- 1219
- 1220
- 1221
- 1222
- 1223
- 1224
- 1225
- 1226
- 1227
- 1228
- 1229
- 1230
- 1231
- 1232
- 1233
- 1234
- 1235
- 1236
- 1237
- 1238
- 1239
- 1240
- 1241
- 1242
- 1243
- 1244
- 1245
- 1246
- 1247
- 1248
- 1249
- 1250
- 1251
- 1252
- 1253
- 1254
- 1255
- 1256
- 1257
- 1258
- 1259
- 1260
- 1261
- 1262
- 1263
- 1264
- 1265
- 1266
- 1267
- 1268
- 1269
- 1270
- 1271
- 1272
- 1273
- 1274
- 1275
- 1276
- 1277
- 1278
- 1279
- 1280
- 1281
- 1282
- 1283
- 1284
- 1285
- 1286
- 1287
- 1288
- 1289
- 1290
- 1291
- 1292
- 1293
- 1294
- 1295
- 1296
- 1297
- 1298
- 1299
- 1300
- 1301
- 1302
- 1303
- 1304
- 1305
- 1306
- 1307
- 1308
- 1309
- 1310
- 1311
- 1312
- 1313
- 1314
- 1315
- 1316
- 1317
- 1318
- 1319
- 1320
- 1321
- 1322
- 1323
- 1324
- 1325
- 1326
- 1327
- 1328
- 1329
- 1330
- 1331
- 1332
- 1333
- 1334
- 1335
- 1336
- 1337
- 1338
- 1339
- 1340
- 1341
- 1342
- 1343
- 1344
- 1345
- 1346
- 1347
- 1348
- 1349
- 1350
- 1351
- 1352
- 1353
- 1354
- 1355
- 1356
- 1357
- 1358
- 1359
- 1360
- 1361
- 1362
- 1363
- 1364
- 1365
- 1366
- 1367
- 1368
- 1369
- 1370
- 1371
- 1372
- 1373
- 1374
- 1375
- 1376
- 1377
- 1378
- 1379
- 1380
- 1381
- 1382
- 1383
- 1384
- 1385
- 1386
- 1387
- 1388
- 1389
- 1390
- 1391
- 1392
- 1393
- 1394
- 1395
- 1396
- 1397
- 1398
- 1399
- 1400
- 1401
- 1402
- 1403
- 1404
- 1405
- 1406
- 1407
- 1408
- 1409
- 1410
- 1411
- 1412
- 1413
- 1414
- 1415
- 1416
- 1417
- 1418
- 1419
- 1420
- 1421
- 1422
- 1423
- 1424
- 1425
- 1426
- 1427
- 1428
- 1429
- 1430
- 1431
- 1432
- 1433
- 1434
- 1435
- 1436
- 1437
- 1438
- 1439
- 1440
- 1441
- 1442
- 1443
- 1444
- 1445
- 1446
- 1447
- 1448
- 1449
- 1450
- 1451
- 1452
- 1453
- 1454
- 1455
- 1456
- 1457
- 1458
- 1459
- 1460
- 1461
- 1462
- 1463
- 1464
- 1465
- 1466
- 1467
- 1468
- 1469
- 1470
- 1471
- 1472
- 1473
- 1474
- 1475
- 1476
- 1477
- 1478
- 1479
- 1480
- 1481
- 1482
- 1483
- 1484
- 1485
- 1486
- 1487
- 1488
- 1489
- 1490
- 1491
- 1492
- 1493
- 1494
- 1495
- 1496
- 1497
- 1498
- 1499
- 1500
- 1501
- 1502
- 1503
- 1504
- 1505
- 1506
- 1507
- 1508
- 1509
- 1510
- 1511
- 1512
- 1513
- 1514
- 1515
- 1516
- 1517
- 1518
- 1519
- 1520
- 1521
- 1522
- 1523
- 1524
- 1525
- 1526
- 1527
- 1528
- 1529
- 1530
- 1531
- 1532
- 1533
- 1534
- 1535
- 1536
- 1537
- 1538
- 1539
- 1540
- 1541
- 1542
- 1543
- 1544
- 1545
- 1546
- 1547
- 1548
- 1549
- 1550
- 1551
- 1552
- 1553
- 1554
- 1555
- 1556
- 1557
- 1558
- 1559
- 1560
- 1561
- 1562
- 1563
- 1564
- 1565
- 1566
- 1567
- 1568
- 1569
- 1570
- 1571
- 1572
- 1573
- 1574
- 1575
- 1576
- 1577
- 1578
- 1579
- 1580
- 1581
- 1582
- 1583
- 1584
- 1585
- 1586
- 1587
- 1588
- 1589
- 1590
- 1591
- 1592
- 1593
- 1594
- 1595
- 1596
- 1597
- 1598
- 1599
- 1600
- 1601
- 1602
- 1603
- 1604
- 1605
- 1606
- 1607
- 1608
- 1609
- 1610
- 1611
- 1612
- 1613
- 1614
- 1615
- 1616
- 1617
- 1618
- 1619
- 1620
- 1621
- 1622
- 1623
- 1624
- 1625
- 1626
- 1627
- 1628
- 1629
- 1630
- 1631
- 1632
- 1633
- 1634
- 1635
- 1636
- 1637
- 1638
- 1639
- 1640
- 1641
- 1642
- 1643
- 1644
- 1645
- 1646
- 1647
- 1648
- 1649
- 1650
- 1651
- 1652
- 1653
- 1654
- 1655
- 1656
- 1657
- 1658
- 1659
- 1660
- 1661
- 1662
- 1663
- 1664
- 1665
- 1666
- 1667
- 1668
- 1669
- 1670
- 1671
- 1672
- 1673
- 1674
- 1675
- 1676
- »





