Economy of Mongolia
Encyclopedia
Economic activity in Mongolia
has traditionally been based on agriculture and the breeding of livestock. Mongolia also has extensive mineral
deposits: copper
, coal
, molybdenum
, tin
, tungsten
, and gold
account for a large part of industrial production. Soviet assistance, at its height one-third of GDP, disappeared almost overnight in 1990–91, at the time of the Collapse of the Soviet Union (1985–1991). Mongolia was driven into deep recession
, which was prolonged by the Mongolian People's Revolutionary Party
's (MPRP) reluctance to undertake serious economic reform. The Democratic Union Coalition (DUC) government, 1996–2000, has embraced free-market economics
, easing price controls, liberalizing domestic and international trade
, and attempting to restructure the banking system and the energy
sector. Major domestic privatization
programs have been undertaken, as well as fostering of foreign direct investment
through international tender of the oil distribution company, a leading cashmere wool
company, and banks. Reform has been held back by the ex-communist MPRP opposition and by the political instability brought about through four successive governments under the DUC. Economic growth
picked up in 1997–99 after stalling in 1996 due to a series of natural disaster
s and increases in world prices of copper
and cashmere. Public revenues and exports collapsed in 1998 and 1999 due to the repercussions of the Asian financial crisis. In August and September 1999, the economy suffered from a temporary Russian ban on exports of oil and oil products. Mongolia joined the World Trade Organization
(WTO) in 1997. The international donor community pledged over $300 million per year at the last Consultative Group Meeting, held in Ulaanbaatar
in June 1999.
, but these efforts have been complicated and disrupted by the dissolution and continuing deterioration of the economy of the former Soviet Union
. Prior to 1991, 80% of Mongolia's trade was with the former Soviet Union, and 15% was with other Council for Mutual Economic Assistance (CMEA) countries. Mongolia was heavily dependent upon the former Soviet Union for fuel, medicine, and spare parts for its factories and power plants.
The former Soviet Union served as the primary market for Mongolian industry. In the 1980s, Mongolia's industrial sector became increasingly important. By 1989, it accounted for an estimated 34% of material products, compared to 18% from agriculture
. However, minerals, animals, and animal-derived products still constitute a large proportion of the country's exports. Principal imports included machinery, petroleum
, cloth, and building materials.
In the late 1980s, the government began to improve links with non-communist Asia
and the West
, and tourism in Mongolia
developed. As of January 1, 1991, Mongolia and the former Soviet Union agreed to conduct bilateral trade in hard currency
at world prices.
Despite its external trade difficulties, Mongolia has continued to press ahead with reform. Privatization
of small shops and enterprises has largely been completed in the 1990s, and most prices have been freed. Privatization of large state enterprises has begun. Tax reform
s also have begun, and the barter and official exchange rates were unified in late 1991.
, rising unemployment
, shortages of basic goods, and food rationing. During that period, economic output contracted by one-third. As market reforms and private enterprise took hold, economic growth began again in 1994–95. Unfortunately, since this growth was fueled in part by over-allocation of bank credit, especially to the remaining state-owned enterprises, economic growth was accompanied by a severe weakening of the banking sector. GDP grew by about 6% in 1995, thanks largely to a boom in copper prices. Average real economic growth leveled off to about 3.5% in 1996–99 due to the Asian financial crisis, the 1998 Russian financial crisis, and worsening commodity prices, especially copper and gold.
Mongolia's gross domestic product
(GDP) growth fell from 3.2% in 1999 to 1.3% in 2000. The decline can be attributed to the loss of 2.4 million livestock in bad weather and natural disasters in 2000. Prospects for development outside the traditional reliance on nomadic, livestock-based agriculture are constrained by Mongolia's landlocked location and lack of basic infrastructure
. Mongolia's best hope for accelerated growth is to attract more foreign investment. Since 1990, more than 1,500 foreign companies from 61 countries have invested a total of $338.3 million in Mongolia. By 2003 private companies made up 70% of Mongolian GDP and 80% of exports.
MSE Top-20 registered an all-time low since its dramatic spike in mid-2007. Just as the economy started to recover, Mongolia was hit by a Dzud over the winter period of 2009-2010, causing many livestock to perish and thus severely affecting cashmere production which accounts for a further 7% of the country’s export revenues.
According to the World Bank and International Monetary Fund estimates, real GDP growth reduced from 8% to 2.7% in 2009, and exports shrunk 26% from $2.5Bn to $1.9Bn after a promisingly steady increase up until 2008. Because of this, it was projected that between 20,000 and 40,000 fewer Mongolians (0.7% and 1.4% of the population respectively) will be lifted out of poverty
, than would have been the case without the global financial crisis.
In late 2009 and the beginning of 2010, however, the market has begun to recover once again. Having identified and learnt from its previous economic instabilities, legislative reform and a tightened fiscal policy promises to guide the country onwards and upwards. In February 2010, foreign assets were recorded at USD1,569,449 million. New trade agreements are being formed and foreign investors are keeping a close eye on the "Asian Wolf".
Mining is the principal industrial activity in Mongolia, making up 30% of all Mongolian industry. Another important industry is the production of cashmere. Mongolia is the world's second largest producer of cashmere, with the main company, Gobi Cashmere, accounting for 21% of world cashmere production as of 2006.
, BDSec
, MICC, and Frontier, with many other international players taking a keen interest.
. Deforestation
, overgrazed pasture
s, and, less recently, efforts to increase grain and hay production by plowing up more virgin land have increased soil erosion from wind and rain.
Distribution of family income - Gini index:
44 (1998)
Agriculture - products:
wheat
, barley
, vegetables, forage crops, sheep, goat
s, cattle
, camel
s, horses
Industries:
construction and construction materials; mining (coal
, copper
, molybdenum
, fluorspar, and gold
); food and beverages; processing of animal products, cashmere and natural fiber manufacturing
Industrial production growth rate:
3% (2006 est.)
Electricity:
Electricity - production by source:
Oil:
Exports - commodities:
copper, apparel, livestock, animal products, cashmere, wool, hides, fluorspar, other nonferrous metals
Imports - commodities:
machinery and equipment, fuel, cars, food products, industrial consumer goods, chemicals, building materials, sugar
, tea
Exchange rates:
tögrögs/tugriks per US dollar: 1,179.6 (2006), 1,205 (2005), 1,187.17 (2004), 1,171 (2003), 1,110.31 (2002), 1,097.7 (2001), 1,076.67 (2000)
Mongolia
Mongolia is a landlocked country in East and Central Asia. It is bordered by Russia to the north and China to the south, east and west. Although Mongolia does not share a border with Kazakhstan, its western-most point is only from Kazakhstan's eastern tip. Ulan Bator, the capital and largest...
has traditionally been based on agriculture and the breeding of livestock. Mongolia also has extensive mineral
Mineral
A mineral is a naturally occurring solid chemical substance formed through biogeochemical processes, having characteristic chemical composition, highly ordered atomic structure, and specific physical properties. By comparison, a rock is an aggregate of minerals and/or mineraloids and does not...
deposits: copper
Copper
Copper is a chemical element with the symbol Cu and atomic number 29. It is a ductile metal with very high thermal and electrical conductivity. Pure copper is soft and malleable; an exposed surface has a reddish-orange tarnish...
, coal
Coal
Coal is a combustible black or brownish-black sedimentary rock usually occurring in rock strata in layers or veins called coal beds or coal seams. The harder forms, such as anthracite coal, can be regarded as metamorphic rock because of later exposure to elevated temperature and pressure...
, molybdenum
Molybdenum
Molybdenum , is a Group 6 chemical element with the symbol Mo and atomic number 42. The name is from Neo-Latin Molybdaenum, from Ancient Greek , meaning lead, itself proposed as a loanword from Anatolian Luvian and Lydian languages, since its ores were confused with lead ores...
, tin
Tin
Tin is a chemical element with the symbol Sn and atomic number 50. It is a main group metal in group 14 of the periodic table. Tin shows chemical similarity to both neighboring group 14 elements, germanium and lead and has two possible oxidation states, +2 and the slightly more stable +4...
, tungsten
Tungsten
Tungsten , also known as wolfram , is a chemical element with the chemical symbol W and atomic number 74.A hard, rare metal under standard conditions when uncombined, tungsten is found naturally on Earth only in chemical compounds. It was identified as a new element in 1781, and first isolated as...
, and gold
Gold
Gold is a chemical element with the symbol Au and an atomic number of 79. Gold is a dense, soft, shiny, malleable and ductile metal. Pure gold has a bright yellow color and luster traditionally considered attractive, which it maintains without oxidizing in air or water. Chemically, gold is a...
account for a large part of industrial production. Soviet assistance, at its height one-third of GDP, disappeared almost overnight in 1990–91, at the time of the Collapse of the Soviet Union (1985–1991). Mongolia was driven into deep recession
Recession
In economics, a recession is a business cycle contraction, a general slowdown in economic activity. During recessions, many macroeconomic indicators vary in a similar way...
, which was prolonged by the Mongolian People's Revolutionary Party
Mongolian People's Revolutionary Party
The Mongolian People's Party formerly the Mongolian People's Revolutionary Party is an ex-communist political party in Mongolia. The party is abbreviated MPP in English and ' in Mongolian...
's (MPRP) reluctance to undertake serious economic reform. The Democratic Union Coalition (DUC) government, 1996–2000, has embraced free-market economics
Economics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
, easing price controls, liberalizing domestic and international trade
International trade
International trade is the exchange of capital, goods, and services across international borders or territories. In most countries, such trade represents a significant share of gross domestic product...
, and attempting to restructure the banking system and the energy
Energy
In physics, energy is an indirectly observed quantity. It is often understood as the ability a physical system has to do work on other physical systems...
sector. Major domestic privatization
Privatization
Privatization is the incidence or process of transferring ownership of a business, enterprise, agency or public service from the public sector to the private sector or to private non-profit organizations...
programs have been undertaken, as well as fostering of foreign direct investment
Foreign direct investment
Foreign direct investment or foreign investment refers to the net inflows of investment to acquire a lasting management interest in an enterprise operating in an economy other than that of the investor.. It is the sum of equity capital,other long-term capital, and short-term capital as shown in...
through international tender of the oil distribution company, a leading cashmere wool
Cashmere wool
Cashmere wool, usually simply known as cashmere, is a fiber obtained from Cashmere and other types of goats. The word cashmere derives from an old spelling of Kashmir. Cashmere is fine in texture, and strong, light, and soft. Garments made from it provide excellent...
company, and banks. Reform has been held back by the ex-communist MPRP opposition and by the political instability brought about through four successive governments under the DUC. Economic growth
Economic growth
In economics, economic growth is defined as the increasing capacity of the economy to satisfy the wants of goods and services of the members of society. Economic growth is enabled by increases in productivity, which lowers the inputs for a given amount of output. Lowered costs increase demand...
picked up in 1997–99 after stalling in 1996 due to a series of natural disaster
Natural disaster
A natural disaster is the effect of a natural hazard . It leads to financial, environmental or human losses...
s and increases in world prices of copper
Copper
Copper is a chemical element with the symbol Cu and atomic number 29. It is a ductile metal with very high thermal and electrical conductivity. Pure copper is soft and malleable; an exposed surface has a reddish-orange tarnish...
and cashmere. Public revenues and exports collapsed in 1998 and 1999 due to the repercussions of the Asian financial crisis. In August and September 1999, the economy suffered from a temporary Russian ban on exports of oil and oil products. Mongolia joined the World Trade Organization
World Trade Organization
The World Trade Organization is an organization that intends to supervise and liberalize international trade. The organization officially commenced on January 1, 1995 under the Marrakech Agreement, replacing the General Agreement on Tariffs and Trade , which commenced in 1948...
(WTO) in 1997. The international donor community pledged over $300 million per year at the last Consultative Group Meeting, held in Ulaanbaatar
Ulaanbaatar
Ulan Bator or Ulaanbaatar is the capital and largest city of Mongolia. An independent municipality, the city is not part of any province, and its population as of 2008 is over one million....
in June 1999.
Communist era
The rapid political changes of 1990–91 marked the beginning of Mongolia's efforts to develop a market economyMarket economy
A market economy is an economy in which the prices of goods and services are determined in a free price system. This is often contrasted with a state-directed or planned economy. Market economies can range from hypothetically pure laissez-faire variants to an assortment of real-world mixed...
, but these efforts have been complicated and disrupted by the dissolution and continuing deterioration of the economy of the former Soviet Union
Soviet Union
The Soviet Union , officially the Union of Soviet Socialist Republics , was a constitutionally socialist state that existed in Eurasia between 1922 and 1991....
. Prior to 1991, 80% of Mongolia's trade was with the former Soviet Union, and 15% was with other Council for Mutual Economic Assistance (CMEA) countries. Mongolia was heavily dependent upon the former Soviet Union for fuel, medicine, and spare parts for its factories and power plants.
The former Soviet Union served as the primary market for Mongolian industry. In the 1980s, Mongolia's industrial sector became increasingly important. By 1989, it accounted for an estimated 34% of material products, compared to 18% from agriculture
Agriculture
Agriculture is the cultivation of animals, plants, fungi and other life forms for food, fiber, and other products used to sustain life. Agriculture was the key implement in the rise of sedentary human civilization, whereby farming of domesticated species created food surpluses that nurtured the...
. However, minerals, animals, and animal-derived products still constitute a large proportion of the country's exports. Principal imports included machinery, petroleum
Petroleum
Petroleum or crude oil is a naturally occurring, flammable liquid consisting of a complex mixture of hydrocarbons of various molecular weights and other liquid organic compounds, that are found in geologic formations beneath the Earth's surface. Petroleum is recovered mostly through oil drilling...
, cloth, and building materials.
In the late 1980s, the government began to improve links with non-communist Asia
Asia
Asia is the world's largest and most populous continent, located primarily in the eastern and northern hemispheres. It covers 8.7% of the Earth's total surface area and with approximately 3.879 billion people, it hosts 60% of the world's current human population...
and the West
Western world
The Western world, also known as the West and the Occident , is a term referring to the countries of Western Europe , the countries of the Americas, as well all countries of Northern and Central Europe, Australia and New Zealand...
, and tourism in Mongolia
Tourism in Mongolia
Tourism in Mongolia was extremely limited by the Communist Government, but has been expanding following the 1990 Democratic Revolution in Mongolia in the wake of the collapse of the USSR and the Revolutions of 1989...
developed. As of January 1, 1991, Mongolia and the former Soviet Union agreed to conduct bilateral trade in hard currency
Hard currency
Hard currency , in economics, refers to a globally traded currency that is expected to serve as a reliable and stable store of value...
at world prices.
Despite its external trade difficulties, Mongolia has continued to press ahead with reform. Privatization
Privatization
Privatization is the incidence or process of transferring ownership of a business, enterprise, agency or public service from the public sector to the private sector or to private non-profit organizations...
of small shops and enterprises has largely been completed in the 1990s, and most prices have been freed. Privatization of large state enterprises has begun. Tax reform
Tax reform
Tax reform is the process of changing the way taxes are collected or managed by the government.Tax reformers have different goals. Some seek to reduce the level of taxation of all people by the government. Some seek to make the tax system more progressive or less progressive. Some seek to simplify...
s also have begun, and the barter and official exchange rates were unified in late 1991.
Transition to a market economy
Between 1990 and 1993, Mongolia suffered triple-digit inflationInflation
In economics, inflation is a rise in the general level of prices of goods and services in an economy over a period of time.When the general price level rises, each unit of currency buys fewer goods and services. Consequently, inflation also reflects an erosion in the purchasing power of money – a...
, rising unemployment
Unemployment
Unemployment , as defined by the International Labour Organization, occurs when people are without jobs and they have actively sought work within the past four weeks...
, shortages of basic goods, and food rationing. During that period, economic output contracted by one-third. As market reforms and private enterprise took hold, economic growth began again in 1994–95. Unfortunately, since this growth was fueled in part by over-allocation of bank credit, especially to the remaining state-owned enterprises, economic growth was accompanied by a severe weakening of the banking sector. GDP grew by about 6% in 1995, thanks largely to a boom in copper prices. Average real economic growth leveled off to about 3.5% in 1996–99 due to the Asian financial crisis, the 1998 Russian financial crisis, and worsening commodity prices, especially copper and gold.
Mongolia's gross domestic product
Gross domestic product
Gross domestic product refers to the market value of all final goods and services produced within a country in a given period. GDP per capita is often considered an indicator of a country's standard of living....
(GDP) growth fell from 3.2% in 1999 to 1.3% in 2000. The decline can be attributed to the loss of 2.4 million livestock in bad weather and natural disasters in 2000. Prospects for development outside the traditional reliance on nomadic, livestock-based agriculture are constrained by Mongolia's landlocked location and lack of basic infrastructure
Infrastructure
Infrastructure is basic physical and organizational structures needed for the operation of a society or enterprise, or the services and facilities necessary for an economy to function...
. Mongolia's best hope for accelerated growth is to attract more foreign investment. Since 1990, more than 1,500 foreign companies from 61 countries have invested a total of $338.3 million in Mongolia. By 2003 private companies made up 70% of Mongolian GDP and 80% of exports.
Crisis to present day
Mongolia’s reliance on trade with China meant that the worldwide financial crisis hit hard, severely stunting the growth of its economy. With the sharp decrease in metal prices, especially copper (down 65% from July 2008-February 2009, exports of its raw materials withered and by 2009 the stock marketStock market
A stock market or equity market is a public entity for the trading of company stock and derivatives at an agreed price; these are securities listed on a stock exchange as well as those only traded privately.The size of the world stock market was estimated at about $36.6 trillion...
MSE Top-20 registered an all-time low since its dramatic spike in mid-2007. Just as the economy started to recover, Mongolia was hit by a Dzud over the winter period of 2009-2010, causing many livestock to perish and thus severely affecting cashmere production which accounts for a further 7% of the country’s export revenues.
According to the World Bank and International Monetary Fund estimates, real GDP growth reduced from 8% to 2.7% in 2009, and exports shrunk 26% from $2.5Bn to $1.9Bn after a promisingly steady increase up until 2008. Because of this, it was projected that between 20,000 and 40,000 fewer Mongolians (0.7% and 1.4% of the population respectively) will be lifted out of poverty
Poverty
Poverty is the lack of a certain amount of material possessions or money. Absolute poverty or destitution is inability to afford basic human needs, which commonly includes clean and fresh water, nutrition, health care, education, clothing and shelter. About 1.7 billion people are estimated to live...
, than would have been the case without the global financial crisis.
In late 2009 and the beginning of 2010, however, the market has begun to recover once again. Having identified and learnt from its previous economic instabilities, legislative reform and a tightened fiscal policy promises to guide the country onwards and upwards. In February 2010, foreign assets were recorded at USD1,569,449 million. New trade agreements are being formed and foreign investors are keeping a close eye on the "Asian Wolf".
Mining is the principal industrial activity in Mongolia, making up 30% of all Mongolian industry. Another important industry is the production of cashmere. Mongolia is the world's second largest producer of cashmere, with the main company, Gobi Cashmere, accounting for 21% of world cashmere production as of 2006.
The Wolf Economy
The term was notably coined by Renaissance Capital in their report - Mongolia’s "Blue Sky Opportunity. They state that Mongolia is set to become the new Asian Tiger, or "Mongolian Wolf" as they prefer, and are "unstoppable". With the recent developments in the mining industry and foreign interest increasing at an astonishing rate, it is claimed their Wolf Economy looks ready to pounce. The term’s aggressive title mirrors the country’s attitude in the capital market environment, and with newfound mineral prospects it has the chance to retain its title as the fastest growing economy in the region.Banks
The banking sector is highly concentrated, with four banks holding a significant majority market share:- XacBankXacBankXacBank is a microfinance institution and community development bank in Ulaanbaatar, Mongolia, formed in December 2001.- Background and Main Challenges :...
- XacBank is a community development bank and microfinance institution headquartered in Ulaanbaatar, with a nation-wide network of 78 offices and 969 staff as of Jan 2010. - Khan BankKhan Bank-Ownership and Governance:In 2003 Khan Bank was privatized through international tender. Sawada Holdings of Japan is the largest shareholder with a 52.9% interest. Other investors include the Tavan Bogd Group of Mongolia, Development Alternatives, Inc...
- Khan Bank has 21 regional branch offices throughout the country, each of which supervises an additional 15 to 25 smaller branches in its area. - Golomt BankGolomt BankGolomt Bank is Mongolia's largest privately owned bank. It conducts banking business such as current and savings account, debit card, online banking, etc. It also issues Visa cards on its name. It was founded in 1995....
- Golomt Bank started in 1995 and now manages around 23% of the assets in the domestic banking system. - Trade and Development Bank - TDB was formed in 1990 and is thus the oldest bank in Mongolia. It has a network of 28 branches and settlement centers, 60 ATMs, 1300 POS terminals, and InternetInternetThe Internet is a global system of interconnected computer networks that use the standard Internet protocol suite to serve billions of users worldwide...
/SMSSMSSMS is a form of text messaging communication on phones and mobile phones. The terms SMS or sms may also refer to:- Computer hardware :...
banking throughout the country.
Investment banks
With a strengthening capital market environment, many foreign and local investment institutions have begun to establish themselves in Mongolia. The most prominent local agencies include: Monet Investment BankMonet Investment Bank
Monet LLC, or "Monet Capital Investment Bank," is a Mongolian underwriting, brokerage and investment banking firm based in Ulaanbaatar, the country’s capital city. Originally established as “Bats Invest” in 1997, it was one of the first companies to offer a full range of services in the Mongolian...
, BDSec
BDSec
BDSec Joint Stock Company is a full-service stock brokerage and investment banking firm in Mongolia. Established in 1991 as a part of Mongolian Stock Exchange in Tuv province, it now plays a central role in the domestic securities market. Its name originates from the company’s original name,...
, MICC, and Frontier, with many other international players taking a keen interest.
Environment
As a result of rapid urbanization and industrial growth policies under the communist regime, Mongolia's deteriorating environment has become a major concern. The burning of soft coal coupled with thousands of factories in Ulaanbaatar and a sharp increase in individual motorization has resulted in severe air pollutionAir pollution
Air pollution is the introduction of chemicals, particulate matter, or biological materials that cause harm or discomfort to humans or other living organisms, or cause damage to the natural environment or built environment, into the atmosphere....
. Deforestation
Deforestation
Deforestation is the removal of a forest or stand of trees where the land is thereafter converted to a nonforest use. Examples of deforestation include conversion of forestland to farms, ranches, or urban use....
, overgrazed pasture
Pasture
Pasture is land used for grazing. Pasture lands in the narrow sense are enclosed tracts of farmland, grazed by domesticated livestock, such as horses, cattle, sheep or swine. The vegetation of tended pasture, forage, consists mainly of grasses, with an interspersion of legumes and other forbs...
s, and, less recently, efforts to increase grain and hay production by plowing up more virgin land have increased soil erosion from wind and rain.
Other statistics
Household income or consumption by percentage share:- lowest 10%: 2.1%
- highest 10%: 37% (1995)
Distribution of family income - Gini index:
44 (1998)
Agriculture - products:
wheat
Wheat
Wheat is a cereal grain, originally from the Levant region of the Near East, but now cultivated worldwide. In 2007 world production of wheat was 607 million tons, making it the third most-produced cereal after maize and rice...
, barley
Barley
Barley is a major cereal grain, a member of the grass family. It serves as a major animal fodder, as a base malt for beer and certain distilled beverages, and as a component of various health foods...
, vegetables, forage crops, sheep, goat
Goat
The domestic goat is a subspecies of goat domesticated from the wild goat of southwest Asia and Eastern Europe. The goat is a member of the Bovidae family and is closely related to the sheep as both are in the goat-antelope subfamily Caprinae. There are over three hundred distinct breeds of...
s, cattle
Cattle
Cattle are the most common type of large domesticated ungulates. They are a prominent modern member of the subfamily Bovinae, are the most widespread species of the genus Bos, and are most commonly classified collectively as Bos primigenius...
, camel
Camel
A camel is an even-toed ungulate within the genus Camelus, bearing distinctive fatty deposits known as humps on its back. There are two species of camels: the dromedary or Arabian camel has a single hump, and the bactrian has two humps. Dromedaries are native to the dry desert areas of West Asia,...
s, horses
Industries:
construction and construction materials; mining (coal
Coal
Coal is a combustible black or brownish-black sedimentary rock usually occurring in rock strata in layers or veins called coal beds or coal seams. The harder forms, such as anthracite coal, can be regarded as metamorphic rock because of later exposure to elevated temperature and pressure...
, copper
Copper
Copper is a chemical element with the symbol Cu and atomic number 29. It is a ductile metal with very high thermal and electrical conductivity. Pure copper is soft and malleable; an exposed surface has a reddish-orange tarnish...
, molybdenum
Molybdenum
Molybdenum , is a Group 6 chemical element with the symbol Mo and atomic number 42. The name is from Neo-Latin Molybdaenum, from Ancient Greek , meaning lead, itself proposed as a loanword from Anatolian Luvian and Lydian languages, since its ores were confused with lead ores...
, fluorspar, and gold
Gold
Gold is a chemical element with the symbol Au and an atomic number of 79. Gold is a dense, soft, shiny, malleable and ductile metal. Pure gold has a bright yellow color and luster traditionally considered attractive, which it maintains without oxidizing in air or water. Chemically, gold is a...
); food and beverages; processing of animal products, cashmere and natural fiber manufacturing
Industrial production growth rate:
3% (2006 est.)
Electricity:
- production: 3.43 TWh (2006 est.)
- consumption: 2.94 TWh (2006 est.)
- exports: 15.95 GWh (2006 est.)
- imports: 125 GWh (2006 est.)
Electricity - production by source:
- fossil fuel: 100%
- hydro: 0%
- other: 0% (2001)
- nuclear: 0%
Oil:
- production: 822 oilbbl/d (2006 est.)
- consumption: 11220 oilbbl/d (2006 est.)
- exports: 822 oilbbl/d (2006 est.)
- imports: 12280 oilbbl/d (2006 est.)
Exports - commodities:
copper, apparel, livestock, animal products, cashmere, wool, hides, fluorspar, other nonferrous metals
Imports - commodities:
machinery and equipment, fuel, cars, food products, industrial consumer goods, chemicals, building materials, sugar
Sugar
Sugar is a class of edible crystalline carbohydrates, mainly sucrose, lactose, and fructose, characterized by a sweet flavor.Sucrose in its refined form primarily comes from sugar cane and sugar beet...
, tea
Tea
Tea is an aromatic beverage prepared by adding cured leaves of the Camellia sinensis plant to hot water. The term also refers to the plant itself. After water, tea is the most widely consumed beverage in the world...
Exchange rates:
tögrögs/tugriks per US dollar: 1,179.6 (2006), 1,205 (2005), 1,187.17 (2004), 1,171 (2003), 1,110.31 (2002), 1,097.7 (2001), 1,076.67 (2000)
External links
Official site of the Ministry of Finance Official government site of the Bank of Mongolia - the central bank- Mongolia CIA World Factbook