Amid the world’s concern with the pandemic, and the commercial markets crisis resulted from Covid, local traders in the Mongolian capital, Ulaanbaatar, were able to find alternatives to imported materials and improve their country’s economy, where mineral products accounted for 84.1% of the country’s exports, and the 15.9% were distributed to other goods such as wool, cashmere fabrics, etc. The total foreign trade revenues amounted to 10.1 billion US dollars, with an increase of 27.3% compared to the same period last year, as the value of exports exceeded imports by 1.1 billion dollars, which achieved the required trade balance.
Interview with (Ch.Gantsetseg – Director of Khanbogd cashmere):
“For the first time, our company shipped to Europe by the sea. Further ground transportation to Italy and the UK is planned. The new product design is ready to be launched in collaboration with Italian companies and German designers. During the difficult times in Covid, our company pays great attention to exports and domestic sales. Due to the decline in domestic sales, we are planning to open 2-3 stores abroad with a strong focus on exports. We need to increase our sales because we focus on exports.”
Interview with (B.Elbegsanaa – Accountant of ‘Anna’ cashmere):
“Our company has started exporting our products to USA and Korea in 2019. By 2020, the product has started to export to the UK and France. By 2021, we plan to export more products to Japan. Export sales are expected to rebound this year.”
Interview with (D.Oyunbileg – Executive Director of the Export International Trade Center):
“In our country, there are possibilities. The main problems are the after connection to the market, the customs service of the shipped product, and the internal delivery and distribution system. We offer our services to our national manufacturers to solve this problem. The goods shipped must be sold in that market. There are also issues for our national manufacturers to pay attention to in sales services”
Source- A24