Figures released by the National Statistical Office show that Mongolia exported 53 per cent more copper concentrate in March than in the same month last year, mainly because of rising output at Oyu Tolgoi. This accounted for 35 per cent of the total mineral export earnings in March, which stood at $349 million, a 67 per cent rise over the $209 million earned in the corresponding period last year.
Exports of Mongolian coal grew 8.4 per cent over the period, but a drop in coal prices meant its value fell 1 per cent. Crude oil and gold exports rose 68 per cent and 110 per cent respectively. The growth of gold exports is seen by many to be the result of a reduction of royalties to a flat 2.5 per cent from 5-10 per cent.
While China’s share in Mongolia’s foreign trade in March was 56 per cent, rising 9 per cent, Russia accounted for 16 per cent, a fall of 2 per cent. Total trade turnover in March was $1.98 billion, 1.6 per cent less than in March 2013.