Mongolia s top trade partners

According to IMF data, in 2023 the EU-27 collectively was Mongolia’s fourth biggest trading partner, accounting for 4.6 % of the country’s total trade. China (63.4 %), Russia (13.0 %) and Switzerland (5.0 %) ranked ahead of the EU (Figure 1). Mongolia’s exports were concentrated on China (84 % of total exports), followed by Switzerland with 8.4 % and the EU with 1.1 %. Mongolia’s sources of imports were slightly more diversified, with China accounting for 35.2 %, Russia for 29.6 % and the EU for 9.5 %. Total trade between the EU and Mongolia amounted to €865 million in 2023, with EU exports to Mongolia accounting for €742 million, up from €627 million in 2022, and EU imports from Mongolia for €123 million, down from €137 million in 2022. The EU thus ran a €618 million trade surplus with Mongolia.