Mongolia Trade, Exports and Imports

What do you think when you hear the word Asia? The first idea is China, India, Russia, and Japan. Smaller countries were then completely swallowed by Russia and China. Mongolia is the size of Western Europe and is inland. Mongolia is a big country with various physical characteristics, but it is a major way to live (although it is changing at the moment). Mongolia is bordering Russia and China with the coordinates of 46 00 N, 105 00 E The most populous city in Mongolia is Ulaanbaatar.

Mongolia immediately accepts free trade and is currently one of the world's open economies. In 1997, joining the World Trade Organization, a 0% tariff was imposed on most imported products and a small amount of tax was imposed on exporting a small amount of raw materials. In 2003, foreign trade surpassed $ 1 billion. As mentioned in the first chapter, the poverty has dramatically increased in the early stages of transition due to a sharp decline in national income, a rise in the unemployment rate, an increase in inflation and a decrease in social expenditure. Data was insufficient as of the mid-1990s. Because there is a big difference in the survey method, the data obtained from the standards of living survey in 1995 and 1998 are incomparable.

Foreign trade plays an important role in the Mongolian economy. Since joining the World Trade Organization in 1997, Mongolia has greatly relaxed the trade system. This liberalization includes a reduction in the tariff rate and a partial abolition of import licensing requirements. Mongolia's comprehensive trade policy goal is to support economic growth through effective trade policy, promote industry, agriculture, service and increase exports. More than 50% of Mongolian total trade comes from trade with Russia and China. The main export products from Mongolia to Russia are mainly animal raw materials and mineral products such as beef, horse meat, fluorite and copper concentrate, gold, China is copper and molybdenum concentrate, wool, cashmere, leather and It is fur. The technical barriers of these countries are fragile since the reason for exports to these countries is that agricultural products are dominant.