ULAN BATOR, Nov. 11 (Xinhua) -- Mongolia's foreign trade turnover reached 22.7 billion U.S. dollars in the first 10 months of 2024, reflecting a robust increase of 13.75 percent compared to the same period in 2023, according to data released by the Mongolian Customs General Administration on Monday.
The landlocked Asian nation reported a significant surplus in its foreign trade balance, with exports exceeding imports by over 3.6 billion dollars. This surplus was largely driven by a sharp rise in the export of mining products, a cornerstone of the country's economy, the administration noted.
Mining products accounted for approximately 90 percent of Mongolia's total exports during the 10-month period, underscoring the critical role of the mining sector in the nation's trade.
China continued to be Mongolia's largest trading partner, serving as both the top export destination and the primary source of imports. In the first 10 months of 2024, China accounted for 90.9 percent of Mongolia's exports and 39.9 percent of its imports, maintaining its dominant position in bilateral trade. ■
