Trading Partner Portal: Mongolia
Overview
Trade Overview
Mongolia is a landlocked country south of Russia and north of China. With an area of approximately 604,200 square miles and a population of 3.52 million, it is the most sparsely populated country in the world. Although Mongolia is three times larger than California, it has less than 8% the total population of the state. Its GDP for 2024, was $23.59 billion, with GDP per capita coming in at $6,691. Mongolia became a member of the WTO in January 1997.
U.S. – Mongolia Trade
Mongolia is the 109th largest export destination for the United States. The United States exported over $396 million to Mongolia in 2024. Non-electrical machinery contributed $195 million of the total U.S. exports to Mongolia, with other top exports being transportation equipment ($79 million), used or second had merchandise ($39 million), computer and electronic products ($22 million), and plastics and rubber products ($16 million).
Mongolia imported $27 million to the U.S. in 2024, $11 million of which was products supporting agriculture and forestry. Other imports apparel & accessories ($4 million), agricultural products ($3 million), goods returned ($3 million), and transportation equipment ($2 million).
California – Mongolia Trade
As California’s 81st largest export destination, with California exporting $69 million in goods in 2024. Top export categories from California to Mongolia include used or second-hand merchandise ($36 million), transportation equipment ($12 million), computer and electronic products ($9 million), non-electrical machinery ($3 million) and electrical equipment, appliances & components ($2 million).
California imported a total of $7 million in goods from Mongolia in 2024. With top imports being products supporting agriculture and forestry ($4 million), agricultural products ($2 million), apparel and accessories ($1 million), good returned (<$1 million), and forestry products (<$1 million).
Trade Policy Review: Mongolia
WTO, March, 2021
Trade Agreements
Trade Agreements
U.S. – Mongolia Transparency Agreement
In September 2013 U.S. Trade Representative Michael Froman and Luvsanvandan Bold, Mongolia’s Foreign Affairs Minister signed a Transparency Agreement at a ceremony in New York.
“This agreement represents an important milestone in the U.S.-Mongolia trade relationship. I know that Minister Bold shares my belief that an agreement setting forth mutual commitments on transparency will help to improve and deepen that relationship, to the benefit of both of our economies and our businesses and workers,” Ambassador Froman commented. “Transparency is critical to the proper and efficient functioning of the international trading system. Producers, suppliers, exporters and investors need the predictability that comes with a clear understanding of the policies and practices that are going to be applied.”
United States, Mongolia Sign Transparency Agreement
September 2013
Mongolian Cashmere
Mongolian Cashmere
Mongolia has been internationally recognized as one of the finest cashmere producers in the world due to the success of its semi-domesticated goats, which are adapted to its harsh climate. After China, Mongolia is the second largest cashmere producer in the world, producing approximately 30% of the world’s supply. Mongolia is looking to expand its market further and is seeking to connect with foreign consumers. Successful cashmere companies include Gobi Corporation, Goyo Cashmere, Buyan Cashmere, and Altai Cashmere.