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Mongolian Industrial Output and Foreign Trade to Increase

Mongolia’s aggregate industrial output and external trade turnover have increased remarkably over the first 10 months of 2010, official statistics show.

From January through October, the total industrial output increased by 177.2 bln.tog or 13.2 percent to 1.517.4 bln.tog compared to the same period the previous year.

The increase in the industrial output was mainly due to significant increases in main mining and quarrying products such as crude oil and coal; products such as milk, yogurt, fodder, metal foundries, flour, soft drinks, beer, wine, alcohol, metal construction; goods such as mutton, goat meat, steel casting, and iron ore.

According to the data, coal mining and lignite extraction of peat showed an increase of 91.3 percent for the first 10 months of 2010, compared to the same period the previous year.

Extraction of crude petroleum and natural gas increased 32.5 percent; other mining and quarrying – 26.6 percent; rubber and plastic products manufacturing – 60.8 percent; manufacturing of wearing apparel, dressing and dyeing of fur – 35.9 percent; food products and beverages – 33.7 percent; manufacturing of chemicals and chemical products – 31.2 percent; coke, refined petroleum products and nuclear fuel manufacturing – 29.5 percent for the first 10 months of 2010, compared to the same period of previous year.

In the first 10 months of 2010, a total of 179.4 bln.tog of construction and installation work were carried out at the national level. Of that, 165.1 bln.tog, or 92.0 percent of the work, were executed by domestic entities and 14.3 bln.tog or 8 percent was done by foreign entities.

During the studied period, Mongolia traded with 127 countries from all over the world and total foreign trade turnover reached US$4.8 billion, of which exports made up US$2.2 billion and imports made up US$2.5 billion.

External trade in the first 10 months of 2010 showed a deficit of US$ 258.0 million, reflecting an increase of US$39.8 million, or 18.2 percent, compared to the same period of the previous year. For the first 10 months of 2010, total external trade turnover increased by US$1.6 billion or 50.7 percent, of which exports went up by US$789 million or 53.1 percent, and imports went up by US$828 million or 48.6 percent, compared to the same periods the previous year.

Mineral products, natural or cultured stones, precious metal, jewelry and textiles accounted for 94.7 percent of the total export value amount.

Statistic figures also show that 55.5 percent of Mongolia’s total foreign trade was with China and 19.3 percent with Russia. Trade with China increased by 9 percent in comparison with the same period of 2009. Russia was the source of 34.3 percent of total imports while 30 percent of them came from China.

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