Foreign trade balance deficits USD 213 million www.zgm.mn
The Bank of Mongolia (BoM) announced its foreign trade review for the first four months of this year. Trade balance deficits USD 213 million, plummeting by USD 959 million from a year ago. The amount of commodity turnover volume decreased by 31 percent or USD 1.3 million to USD 2.9 million compared to the same period of the previous year. In particular, export dwindled by 45 percent to USD 1.37 million and imports deteriorated by 10 percent to USD 1.5 million.In the first four months of 2020, the balance of currency paid trade fell by USD 918 million from the previous year, resulting in a deficit of USD 117 million. In terms of trade with neighboring countries, 58 percent or USD 1.7 million of the total trade turnover was with China and 17 percent or USD 494 million was with Russia. Trade with Russia decreased by 3 percent year over year, and trade with China downturned by 38 percent. Additionally, export contraction in 45 percent was mainly triggered by a slump in mining products export. In other words, a decline in exports of mining products led to a 40 percent reduction in total exports. The rate of mining raw materials in total exports increased by 2 percentage points from the same period of the previous year, while the share of livestock exports slum ped by 2.4 percentage points.