In the first five months of 2022, the total foreign trade turnover of Mongolia reached USD 7.2 billion, a 21.9 percent growth compared to the same period of the previous year, according to the Mongolian Customs General Administration.
Exports amounted to USD 4.1 billion during the reporting period, in which mineral products accounted for 83 percent of total exports. All lead ore and concentrate, iron ore, copper concentrate, zinc concentrate, and 87.5 percent of coal were exported to China.
Coal accounted for 41.8 percent, the largest share of total exports, and copper ore and concentrate amounted to 32.4 percent. The recovery in global coal prices following the pandemic was the key factor in the increased export value. In China, Mongolia’s main export market, coking coal prices rose by an average of 200-300 yuan per ton on the country’s commodity exchanges in early June, according to SXCoal. However, the price increase was relatively lower than expected. On the other hand, the price of Mongolian coking coal is expected to rise further.
As of June 7, the number of coal trucks entering the Gashuunsukhait-Gantsmod border checkpoint has decreased from 395 to 374 due to a registered case of coronavirus infection. Prior to the pandemic, about 1,000 trucks were daily passing through the largest coal exporting border checkpoint Gashuunsukhait-Gantsmod.