Mongolia

Over

Countries

Since 1924

Years

(WIPO code: MN)

(last revised December 2023)

by BAYANKHAN PATENT AGENCY, Ulaanbaatar and KATZAROV SA, Geneva, Switzerland

General Information

Area

1,565,000 sq. km.

Population

3,255,468 (2023).

Capital

Ulaanbaatar.

Currency

Tugrik.

Language

Mongolian (official and most spoken).

Native Industries

Production of cashmere, skins and leathers, furs and animal hair, mining (including copper, coal, molybdenum, iron, phosphates, tin, nickel, zinc, wolfram, fluorspar, gold and uranium) and construction.

Major import items

Oil products, machinery, equipment, gasoline, construction materials.

Major export items

Copper, coal, gold, molybdenum, fluorspar concentrates, camel wool, cashmere and leather garments.

General Remarks

As global recession deepened in 2009, Mongolia was not an exception in the international economic context. Energy and commodity price downturn in its neighbor market China, as well as in the global market, had a negative impact on Mongolia’s economic output, although some positive signs of commodity price surge has been observed in the third and last quarter of 2009.

Mongolia’s economic growth has eased from historic highs, driven largely by mining, to more sustainable levels in the last few years. Mongolia’s economic growth decelerated from 7.8% in 2014 to 3% in the first half of 2015. Growth is now projected to bottom out at 2.3% in 2015, before an uptake to 3% in 2016.