Economic activity in Mongolia has traditionally been based on and agriculture. Agriculture accounts for 23.3% of GDP and includes wheat, barley, vegetables, forage crops, sheep, goat, cattle, camel and horses.
Industry accounts for 38.5% of GDP and includes construction and construction materials, mining, food and beverages, processing of animal products, cashmere and natural fiber manufacturing.
Mongolia has extensive mineral deposits. Copper, coal, gold, molybdenum, fluorspar uranium, tin and tungsten account for a large part of industrial production and foreign direct investment.
Mongolia joined the World Trade Organization in 1997 and seeks to expand participation and integration into Asian regional economic and trade regimes.
The service industry constitutes. 42.7% GDP where tourism sector contributes 10%. The labor force is 1.068 million with 61% engaged in the service industry, 34% agriculture, and 5% in industry. The unemployment rate is 2.8%.
The economic growth rate of the country is 11.7% with per capital GDP US$ 5.900 as of 2013.
Selected economic indicators (%) - Mongolia
Current Account Balance (share of GDP)
Source: ADB estimates.
The export commodities are copper, fluorspar, other nonferrous metals, apparel, livestock, animal products, cashmere, wool and hides. Export partners of Mongolia are China (71.9%), Canada (20.3%) and the US (4.8%).
The import commodities are machinery and equipment, fuel, cars, food products, industrial consumer goods, chemicals and building materials.
The import partners of Mongolia are China (32%), Russia (29.4%), South Korea (7.9%) and Japan (7.2%).