Bilateral trade
2022-12-20
Economic and trade relations constitute an essential part of the bilateral ties between the two countries. Although bilateral trade has been modest since the 1990s, recent years have seen a surge in our trade relations. In 2019, bilateral trade rose to USD176 million, with Mongolian exports accounting for the majority at USD154 million. This surge in trade levels constitutes an increase of more than 300 percent from the previous year. Mongolia’s increased exports to Singapore included iron ore, copper concentrate, copper cathode, pyrite, and semi-manufactured gold. Exports of semi-manufactured gold accounted for USD118 milliоn.
On the other hand, Mongolia’s imports from Singapore include cigarettes, petroleum products, food products, electric appliances, recorders, electronic spare parts, lubricating oils, chemical fertilizers, motor vehicles, and tools used for medical purposes.
Bilateral trade and economic ties with Singapore are higher compared to other countries in the region. Since 1990, Singapore has invested USD1.29 billion in Mongolia, with USD73 million in 2016, USD135 million in 2017, USD46 million in 2018, and USD69 million in 2019. Geology and mining are the main sectors attracting the most foreign investment from Singapore.