(WIPO code: MN) (latest review October 2023)
by BAYANKHAN PATENT AGENCY, Ulaanbaatar and KATZAROV SA, Geneva, Switzerland
Mongolia
General Information
Area
1,565,000 sq. km.
Population
3,255,468 (2023).
Capital
Ulaanbaatar.
Language
Mongolian (official and most spoken).
Currency
Tugrik.
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.