Mongolian economy is dominated by services and agricultural products. The Mongolia trade is primarily dominated by products, such as minerals, apparel, livestock, animal products, cashmere, wool, hides, fluorspar, machinery and equipment, fuel, cars, food products and industrial consumer goods.
Ever since Mongolia joined the World Bank in 1991, the International Development Association has helped the country with more credits. Mongolia is also a member of the World Trade Organizations (WTO).
Historically, Mongolia has suffered from trade deficit; however, the trade gap has been very low. The recession of 2008 has marred the extent of exports and imports from Mongolia, with exports falling from $2.539 billion in 2008 to $1.902 billion in 2009.
Mongolia has some of Asia’s richest mineral deposits which, however, remain largely unexploited. Following are products that feature prominently in Mongolia exports: Copper. Apparel. Livestock. Animal products. Cashmere. Wool. Hides. Fluorspar. Coal. Other nonferrous metals.