• GDP: US$9.7 billion (2008).
• Main exports: Minerals, livestock, animal products and textiles.
• Main imports: Machinery and equipment, fuels, food products, industrial consumer goods and chemicals.
• Main trade partners: China (PR), Korea (Rep), Russian Federation, Japan and USA.

Mongolia's economy has traditionally been based on herding and agriculture. Mongolia has extensive mineral deposits; copper, coal, tin, tungsten and gold account for a large part of industrial production.

Mongolia's economy continues to be heavily influenced by its neighbours. For example, Mongolia purchases 80% of its petroleum products and a substantial amount of electric power from Russia, leaving it vulnerable to price increases. China is Mongolia's chief export partner.

Remittances from Mongolians working abroad both legally and illegally are sizable, and money laundering is a growing concern. Registered unemployment was at 2.7% in 2007 but the real figure is 30% or more because so few register. Unemployment figures increased in early 2009 as the global economic downturn slowed the flow of money in the country.

Mongolia, which joined the World Trade Organization in 1997, seeks to expand its participation and integration into Asian regional economic and trade regimes.

Suits are recommended. Translator services should be arranged prior to departure for Mongolia, although an increasing number of executives speak English, and Russian is widely spoken.

Office hours: Mon-Fri 0900-1800.

For further information, contact the Mongolian Chamber of Commerce and Industry (see below).

Mongolian Chamber of Commerce and Industry
J Sambuu Street-11, Ulaanbaatar 211238, Mongolia
Tel: (11) 327 176 or 312 501 or 323 974.
Website: www.mongolchamber.mn