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 3.5 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 nominal GDP for 2023, was $19 billion, with GDP per capita coming in at $5,348. Mongolia became a member of the WTO in January 1997.
U.S.-Mongolia Trade
Mongolia is the 141st largest export destination for the United States. The United States exported over $168 million to Mongolia in 2023. Transportation equipment contributed $40 million of the total U.S. exports to Mongolia, with other top exports being non-electrical machinery ($40 million), computer and electronic products ($21 million), plastics and rubber products ($19 million), and used or second had merchandise ($15 million).
Mongolia imported $31 million to the U.S. in 2023, $14 million of which was products supporting agriculture and forestry. Other imports apparel & accessories ($5 million), agricultural products ($4 million), minerals and ores ($3 million), and reimports ($1 million).
California-Mongolia Trade
As California’s 96th largest export destination, with California exporting $32 million in goods in 2023. California is the U.S. top state exporter to Mongolia, making up over 30% of all U.S. exports. Top export categories from California to Mongolia include used or second-hand merchandise ($13 million), transportation equipment ($9 million), computer and electronic products ($4 million), processed foods ($1 million) and chemicals ($1 million).
California imported a total of $16 million in goods from Mongolia in 2023. With top imports being products supporting agriculture and forestry ($10 million), agricultural products ($4 million), apparel and accessories ($2 million), wood products (<$1 million), and used or secondhand merchandise (<$1 million).
Trade Policy Review: Mongolia
WTO, September 24, 2014
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.