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MongoliaECONOMY
Major Features: Economy traditionally based on
agriculture, livestock breeding, and forestry. In 1980s Soviets
assisted in development of extensive mineral resources; mining
and processing of coal, copper, molybdenum, tin, tungsten, and
gold, accounted for large portion of industrial production.
Gross Domestic Product (GDP): In 1985 estimated at
US$1.7 billion; per capita income based on GDP was US$880.
Agriculture: Livestock predominates, camels, cattle,
goats, horses, and sheep major livestock types. Crops include
wheat, barley, oats, hay, potatoes, vegetables.
Industry: Processing of forestry, animal, and fishery
products, building materials, food and beverage, mining
(particularly coal).
Resources: Coal, copper, molybdenum, tungsten,
phosphates, tin, rare earth, sodium chloride, nickel, zinc,
wolfram, fluorite, gold.
Exports: In 1985 approximately 2 billion tugriks
(US$670 million; free on board). Cement, lumber and sawn timber,
wool, large and small hides, grain, meat, clothing, minerals.
Nearly all trade with communist countries (about 80 percent with
Soviet Union); 3.3 percent to noncommunist countries in 1986.
Imports: Approximately 3.3 billion tugriks (US$1.0
billion, cost, insurance, and freight, 1985). Machine tools,
diesel generators, electric motors, transformers, construction
equipment, gasoline and diesel fuel, iron and steel, foodstuffs,
and consumer durables. Nearly all trade with communist countries
(about 80 percent with Soviet Union); 1.7 percent to noncommunist
countries in 1986.
Exchange Rate: 2.985 tugriks= US$1 in March 1989.
Fiscal Year: Calendar year.
Data as of June 1989
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