Mongolia experienced a gold price surge in the first quarter of 2025, significantly influencing its trade landscape. According to national statistics, exports totaled USD 3 billion, while imports stood at USD 2.5 billion. As a result, Mongolia saw a trade surplus of USD 465.1 million.
Imports rose by USD 133.4 million compared to the same period in 2024. Passenger vehicles led the increase with USD 73.6 million spent. Diesel fuel followed with USD 21.9 million. Additionally, Mongolia imported USD 21.3 million worth of auto parts and USD 18.3 million on trucks. Cell phone imports reached USD 11.7 million.
Mineral products, vehicles, machinery, and electronics made up 74.5% of all imports. Vehicles remained the most significant category from Japan, making up 81.4% of total imports from that country. From Russia, oil represented 76.7% of Mongolia’s imports.
The gold price surge drove major gains in the export sector. Gold prices rose by USD 693.6 per ounce compared to 2024. Copper ore and concentrate increased by USD 291.5 per ton. These commodities helped strengthen Mongolia’s overall export value.
Coal remained the top export to China, accounting for 48.3% of shipments. Copper and copper concentrate followed with 33.5%. Switzerland imported 99.3% of its gold from Mongolia.
On the downside, iron ore prices fell by USD 7.6 per ton. Coal prices also declined by USD 47.1 per ton.
Gashuun Sukhait was the busiest coal export gateway, handling 49.1% of shipments. However, this marked a slight drop of 3.4 points from 2024.
In March alone, exports rose by USD 23 million, while imports increased by USD 98.5 million compared to February.
Export goods consisted mostly of precious metals, stones, jewelry, and plant products. Imports mainly included mineral products, machines, electronics, and food.
The gold price surge clearly played a major role in shaping Mongolia’s early 2025 economic trends. With commodity values shifting, trade routes and partners continue to influence the country’s financial outlook.
