That dollar metric results from a 69.8% increase from $9.2 billion five years earlier in 2021.
Year over year, the value of Mongolian exports flatlined via a -0.4% slowdown compared to $15.8 billion during 2024.
At the more detailed four-digit Harmonized Tariff System code level, Mongolia’s 5 most valuable exports from are coal including solid fuels made from copper ores or concentrates, coal, unwrought gold, iron ores or concentrates, then uncarded or uncombed animal hair including wool. Collectively, that quintet of major Mongolian exported products accounted for 86.5% of overall revenues from Mongolia’s export sales. Such a high percentage indicates a concentrated portfolio of exported goods.
Mongolia’s Major Trading Partners
The latest available country-specific data shows that 99.3% of products exported from Mongolia were bought by importers in: mainland China (89.4% of the Mongolian total), Switzerland (6.94%), United States of America (0.8%), Iran (0.38%), Russia (0.36%), United Kingdom (0.32%), Italy (also 0.32%), South Korea (0.25%), Vietnam (0.2%), Uzbekistan (0.16%), Germany (0.12%) and Kyrgyzstan (0.11%).
From a continental perspective, 90.9% of Mongolia’s exports by value was delivered to fellow Asian countries while 8.2% was sold to importers in Europe. Mongolia shipped another 0.8% worth of goods to buyers in North America.
Tinier percentages went to customers in Africa (0.05%), Latin America (0.0222%) excluding Mexico, then Oceania (0.014%) mostly Australia.
Given Mongolia’s population of 3.58 million people, its total US$15.7 billion in 2025 exports translates to roughly $4,400 for every resident in the expansive East Asian country. That dollar metric lags the average $4,450 per capita one year earlier during 2024.
Mongolia’s Top 10 Exports
The following export product groups represent the highest dollar value in Mongolian global shipments during 2025. Also shown is the percentage share each export category represents in terms of overall exports from Mongolia.
- Ores, slag, ash: US$7 billion (44.4% of total exports)
- Mineral fuels including oil: $6 billion (38.2%)
- Gems, precious metals: $1.3 billion (8%)
- Wool: $358.5 million (2.3%)
- Salt, sulphur, stone, cement: $321.1 million (2%)
- Meat: $212.7 million (1.4%)
- Copper: $163.4 million (1%)
- Meat/seafood preparations: $101 million (0.6%)
- Aircraft, spacecraft: $46.9 million (0.3%)
- Fruits, nuts: $41.8 million (0.3%)
Mongolia’s top 10 export categories generated 98.5% of the overall value of total Mongolian shipments.
Ores, slag and ash was the fastest grower among the top 10 export categories, up by 57.5% from 2024 to 2025.
In second place for improving export sales was fruits and nuts via a 52.8% advance.
Mongolia’s shipments of gems and precious metals posted the third-fastest gain in value, up by 37.3%.
The leading decliner among Mongolia’s top 10 export categories was mineral fuels including oil, dragged down by a -33.5% year-over-year reduction.
The listed product categories are at the two-digit Harmonized Tariff System (HTS) code level.
Drilling down to the more granular four-digit HTS codes, copper ores and concentrates represent Mongolia’s most valuable exported product at 37% of the country’s total. In second place were coal including solid fuels made from coal (35.4%) trailed by unwrought gold (7.9%), iron ores and concentrates (4%), uncarded and uncombed animal hair including wool (2.1%), feldspar and leucite (2%), crude oil (1.6%), lignite (1.2%) then refined copper and unwrought alloys (0.9%).
Products Creating Mongolia’s Largest Trade Surpluses
Mongolia achieved an overall US$4.4 billion product trade surplus for 2025, increasing by 5.6% from $4.15 billion in black ink one year earlier in 2024.
The following types of Mongolian product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.
In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.
- Ores, slag, ash: US$7 billion (Up by 57.5% since 2024)
- Mineral fuels including oil: $3.6 billion (Down by -46%)
- Gems, precious metals: $1.2 billion (Up by 37.6%)
- Wool: $354.4 million (Up by 1%)
- Salt, sulphur, stone, cement: $300.5 million (Up by 1.3%)
- Copper: $159.1 million (Up by 28.2%)
- Meat: $127.5 million (Up by 39%)
- Meat/seafood preparations: $78.5 million (Up by 7.9%)
- Miscellaneous animal-origin products: $17.8 million (Up by 11.1%)
- Oil seeds: $12.3 million (Down by -57.1%)
Historically, Mongolia has positive net exports in the international trade for ores and concentrates notably those of copper, iron, zinc, molybdenum, precious metals, lead and tungsten. In turn, these cashflows indicate Mongolia’s competitive disadvantages under the ores and concentrates-related product categories.
Products Causing Mongolia’s Worst Trade Deficits
Below are exports from Mongolia that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Mongolia’s goods trail Mongolian importer spending on foreign products.
- Vehicles: -US$1.8 billion (Down by -19.9% since 2024)
- Machinery including computers: -$1.6 billion (Up by 4.7%)
- Electrical machinery, equipment: -$771.8 million (Down by -14.0%)
- Articles of iron or steel: -$552.4 million (Up by 1.4%)
- Iron, steel: -$357.7 million (Up by 17.4%)
- Plastics, plastic articles: -$220.6 million (Up by 7.7%)
- Pharmaceuticals: -$206.7 million (Up by 10.4%)
- Miscellaneous food preparations: -$201.6 million (Up by 6.2%)
- Rubber, rubber articles: -$171.0 million (Down by -3.9%)
- Beverages, spirits, vinegar: -$166.2 million (Up by 13.5%)
Mongolia has negative net exports and therefore deep international trade deficits under the vehicles category, notably for cars, trucks, tractors and automotive parts or accessories. Those deficiencies point to Mongolia’s lack of a strong automobile manufacturing sector.
Mongolian Export Companies
Not one Mongolian corporation ranks among Forbes Global 2000.
According to trade portal Alibaba.com, the following are examples of Mongolian export companies. Major products for each business are shown within brackets.
- Dornod Gazar LLC (acid-grade fluorspar)
- Khaadin Ger LLC (customized huts, furniture)
- Mogol Noos LLC (camel wool, yarn)
- Monom Consulting LLC (carpets)
- TESO LLC (non-dairy cream, noodles)
- Uguuj Shim LLC (camel wool)
- Wocom Group LLC (beef bone marrow)
Wikipedia also lists entities from Mongolia that are either directly involved in or related participants in international trade, including financial and transportation players. Selected examples are shown below.
- Bank of Mongolia (central bank)
- MIAT Mongolian Airlines (international airliner)
- Tavan Bogd Group (business conglomerate)
- UFC Group (food, beverages)
In macroeconomic terms, Mongolia’s total exported goods represent 21.4% of its overall Gross Domestic Product for 2025 ($73.3 billion valued in Purchasing Power Parity US dollars). That 21.4% for exports to overall GDP in PPP for 2025 compares to 23.4% for 2024. Those metrics suggest a relatively decreasing reliance on products sold on international markets for Mongolia’s total economic performance, albeit based on a short timeframe.
Another key indicator of a country’s economic performance is its unemployment rate. Mongolia’s unemployment rate averaged 5% for 2025, mirroring the average 5% in 2024 per International Monetary Fund statistics.
Domestically, Mongolia’s average consumer inflation rate was 9.519% for 2025 exceeding the average 6.7998% in 2024.
Mongolia’s capital city is Ulaanbaatar.
See also China’s Top Trading Partners, Switzerland’s Top Trading Partners, Singapore’s Top Trading Partners,South Korea’s Top Trading Partners and Russia’s Top Trading Partners
Research Sources:
Central Intelligence Agency, The World Factbook East & Southeast Asia: Mongolia. Accessed on March 18, 2026
FlagPictures.org, Flag of Mongolia. Accessed on March 18, 2026
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on March 18, 2026
Foreign Trade , United States Census Bureau. Accessed on March 18, 2026
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on March 18, 2026
International Trade Centre, Trade Map. Accessed on March 18, 2026
Investopedia, Net Exports Definition. Accessed on March 18, 2026
Wikipedia, Gross domestic product. Accessed on March 18, 2026
Wikipedia, List of Companies of Mongolia. Accessed on March 18, 2026
Wikipedia, Mongolia. Accessed on March 18, 2026
Wikipedia, Purchasing power parity. Accessed on March 18, 2026
WorldOMeter, Mongolia Population. Accessed on March 18, 2026