Besides China, Mongolia's main trading partner is Russia. In the last 10 years, 11-15 percent of Mongolia's foreign trade turnover is with Russia, and our foreign trade is always at risk.
For example, as of 2021 alone, foreign trade with the country had a loss of 1.8 billion US dollars. Our main goods that cause this loss are fuel, diesel fuel, and gasoline.
In terms of exports, imports, and foreign direct investment, China alone accounts for more than 70%, while as of 2021, Russia accounted for only 1.22% of our exports and 28.56% of our imports. However, Mongolia is completely dependent on the Russian Federation for the import of power, gasoline, diesel fuel, and fuel, which are the main consumption.
Due to the current Russia-Ukraine conflict situation, the US, EU and other industrialized countries imposed economic sanctions on Russia, resulting in a shortage of goods in Russia and a decrease in foreign trade supply. "BECOMING A TERRESTRIAL TRANSPORT BRIDGE" is available and:
- Procedure for processing goods in the customs territory
- Free zone,
- Department of Customs Guaranteed Industry,
It is possible to export the goods of embargoed countries to Russia as Mongolian products with the use of processing procedures in the customs territory, adding value and flexible tax conditions. Our doors are open to everyone who wants to cooperate and exchange information.
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