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;
- 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.
- 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.
- 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.
- 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.
- 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.