The full-year report for 2016 recently released by the National Statistics Office says the foreign trade turnover was $8.275 billion, 2.3% less than in 2015. Exports rose 5.3% year-on-year to reach $4.917 billion but imports fell 11.6% to $3.358 billion. The trade surplus of $1.559 billion was 1.8% higher than in the previous year.
Minerals exports accounted for 70% of total exports in 2016, a drop from the 79% in 2015.
The main export products
Some 1.562 million tonnes of copper concentrate was exported, 84 million tones more than last year. The $1.6 billion earned, however, was 30% less. Export value decreased mainly because the Oyu Tolgoi copper and gold was of a lower grade.
Coal exports hit 25.8 million tonnes, 11 million tonnes or 78% higher than in 2015. Indeed, it was a record year in terms of coal export volume. Export earnings were $973 million, an increase of 75% y-o-y, and the highest in the last three years. Coal exports accounted for 20% of total exports.
Gold exports increased by 70% or 7.9 tonnes to 19.2 tonnes, the most since 2008. Gold export has been rising every year in the last 5 years. The export value was $758.4 million, 80% or $337 million more y-o-y. Gold export was 15.4% of the total export, up from just 9 % in 2015.
Iron ore export volume was 6 million tonnes, 1 million tones more than in 2015. Export earnings were $249.9 million, $22 million more y-o-y.
Crude oil export reached 8 million barrels, a fall of 100,000 barrel y-o-y, and earned $337.2 million, $50 million less y-o-y.