Analysis of the Economic Situation in Mongolia in January 2026
According to information from the National Statistical Committee, in January 2026, the total volume of foreign economic activity in Mongolia amounted to $2.59 billion, which is an increase of 30.1% compared to the same month of the previous year. The trade balance demonstrated a record surplus, with exports exceeding imports by $906.5 million.
The export of coal became the main factor behind these successes, totaling 9.7 million tons in January, which is 86.4% higher than the same figure from last year. During this time, 100% of the exports of lead and iron ore, copper, molybdenum, zinc concentrate, crude oil, and coal, as well as 63.5% of combed goat cashmere, were directed to China. These goods accounted for 81.3% of the total export volume.
As for the domestic market, the National Statistical Office reported that the consumer price index (inflation) in January 2026 increased by 7.5% year-on-year and by 1.1% compared to the previous month. Although many sectors, including food products (up 12.4%), services (8.9%), and non-food products (5.6%), showed price growth, the inflation rate slowed down compared to 8.7% in January 2025, which is 1.2 percentage points lower.
Among the reasons for inflation, a significant increase in meat products by 18.4% is highlighted, particularly beef, which rose by 25.8%, and lamb and goat meat by 17.5%. There was also an increase in prices for flour (7.7%) and pasta (16.8%). Imported goods, which make up 55.3% of the consumer basket (out of 430 items, 238 are imported), influenced 25.5% of the overall inflation rate. The Central region saw the highest increase in food prices — by 13.8%, while in Ulaanbaatar, service prices rose by 10%.
