Coal export revenue increases by 5 times

GoGo.mn

2017-04-19 11:02 GMT+8

National statistics office of Mongolia released the socio-economic situation of the first quarter of 2017. 

Foreign trade turnover totaled US$ 2 billion 76 million in Q1`17, the highest in last 5 years. Total foreign trade turnover increased by US$ 518.1 million (33.3%).

Export revenue reached US$ 1.3 billion and increased by US$ 340.9 million (35.6%) compared to the same period of the previous year. Thus, the highest export revenue registered in Q1`17

The export rise of US$ 340.9 million was due to US$ 426.5 million increase in mineral products export, particularly increase by US$ 442.1 million in coal export, however export of precious stones, metal and jewelry decreased by US$ 67.9 million.

The top five export products of Mongolia compared to the same period of the previous year;

  1. Copper concentrate export reached 366 thousand tons in Q1`17 which decreased by 11 percent compared to the same period of the previous year. Export revenue totaled US$ 380 million which decreased by 21 percent compared to Q1`16. Copper export accounted for 29.2 percent of total exports of the country while it was accounting 50 percent of total exports last year. 
  2. Coal export increased by 4.8 million tons compared to the same period of the previous year and totaled 8.1 million tons in Q1`17. Export revenue reached US$ 541.3 million which increased by 5 times compared to Q1`16. This year, coal export accounts 41.6 percent of total export, the highest in the last 4 years. Coal export revenue is higher than copper export revenue in Q1`17 and it is the first time since commissioning of Oyu Tolgoi mine. The increase in coal export is linked directly to rising coal prices. In March 2017, Mongolia exported a total of 3.3 million tons of coal and earned US$ 214 million. 
  3. Iron ore export was 1.1 million tons in Q1`17 which increased by 11 percent compared to the same of the previous year. Export revenue increased by US$ 40 million and totaled US$ 70.1 million. 
  4. Gold export decreased by 1.8 tons and totaled 1.1 tons in Q1`17. Export revenue was US$ 111 million in Q1`16 and it has decreased by 60 percent this year, totaling US$ 43.7 million. 
  5. Oil export decreased by 17 percent and totaled 1.8 million barrels. Export revenue reached US$ 93.1 million in Q1`17, which increased by 20 million US dollars compared to the same period of the previous years. Oil accounted 7 percent of the total export of the country this year. 

Export of above 5 products totaled 1.1 billion US dollars in Q1`17, accounting 86.8 percent of the total export of the country. 

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