Exporting

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The Mongols gained fame in the 13th century when under Chinggis KHAAN they established a huge Eurasian empire through conquest. After his death the empire was divided into several powerful Mongol states, but these broke apart in the 14th century. The Mongols eventually retired to their original steppe homelands and in the late 17th century came under Chinese rule. Mongolia declared its independence from the Manchu-led Qing Empire in 1911 and achieved limited autonomy until 1919, when it again came under Chinese control. The Mongolian Revolution of 1921 ended Chinese dominance, and a communist regime, the Mongolian People’s Republic, took power in 1924.

Location

Northern Asia, between China and Russia

Natural Resources

oil, coal, copper, molybdenum, tungsten, phosphates, tin, nickel, zinc, fluorspar, gold, silver, iron

Population - distribution

sparsely distributed population throughout the country; the capital of Ulaanbaatar and the northern city of Darhan support the highest population densities

3086918
Mongolian 90% (official) (Khalkha dialect is predominant), Turkic, Russian (1999)
ULAANBAATAR (capital) 1.377 million (2015)
Conventional long form
none
Conventional short form
Mongolia
Local long form
none
Local short form
Mongol Uls
semi-presidential republic
Name
Ulan Bator
Geographic coordinates
47 55 N, 106 55 E
Time difference
UTC+8 (13 hours ahead of Washington, DC, during Standard Time)
Daylight saving time
+1hr, begins last Saturday in March; ends last Saturday in September
has not submitted an ICJ jurisdiction declaration; accepts ICCt jurisdiction
Foreign direct investment in Mongolia's extractive industries – which are based on extensive deposits of copper, gold, coal, molybdenum, fluorspar, uranium, tin, and tungsten - has transformed Mongolia's landlocked economy from its traditional dependence on herding and agriculture. Exports now account for more than 40% of GDP. Mongolia depends on China for more than 60% of its external trade - China receives some 90% of Mongolia's exports and supplies Mongolia with more than one-third of its imports. Mongolia also relies on Russia for 90% of its energy supplies, leaving it vulnerable to price increases. Remittances from Mongolians working abroad, particularly in South Korea, are significant.
Inflation
0.554%
External debt stocks
US$ 21,542,455,000
Total tax rate (% of commercial profits)
24.7%
Real Interest Rate
17.102%
Manufacturing, value added (% of GDP)
7.278%
Current Account Balance
US$ -948,455,403
Labor Force, Total
1,342,799
Employment in Agriculture
28.45%
Employment in Industry
20.29%
Employment in Services
51.26%
Unemployment Rate
6.69%
Imports of goods and services
US$ 5,223,382,698
Exports of goods and services
US$ 5,666,856,674
Total Merchandise Trade
74.15%
FDI, net inflows
US$ 94,319,767
Commercial Service Exports
US$ 687,659,902
wheat, barley, vegetables, forage crops; sheep, goats, cattle, camels, horses
construction and construction materials; mining (coal, copper, molybdenum, fluorspar, tin, tungsten, gold); oil; food and beverages; processing of animal products, cashmere and natural fiber manufacturing
Commodities
copper, apparel, livestock, animal products, cashmere, wool, hides, fluorspar, other nonferrous metals, coal, crude oil
Partners
China 84%, Switzerland 9% (2015)
Commodities
machinery and equipment, fuel, cars, food products, industrial consumer goods, chemicals, building materials, cigarettes and tobacco, appliances, soap and detergent
Partners
China 39.9%, Russia 28.4%, Japan 6.4%, South Korea 6.2% (2015)
Country Risk Rating
D
A high-risk political and economic situation and an often very difficult business environment can have a very significant impact on corporate payment behavior. Corporate default probability is very high.
Business Climate Rating
C
The business environment is difficult. Corporate financial information is often unavailable and when available often unreliable. Debt collection is unpredictable. The institutional framework has many troublesome weaknesses. Intercompany transactions run major risks in the difficult environments rated C.
  • Exploitation of colossal mineral resources
  • Economy vulnerable to commodity price fluctuations
  • High poverty and unemployment rates
  • Internal political disputes
  • Alarming level of corruption
  • Very exposed to the Chinese economy

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