Trade deficit plunges by 98 percent

Apr 14 • Economy, Featured, News • 2252 Views • No Comments on Trade deficit plunges by 98 percent

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Bank of Mongolia emphasized that trade deficit is balancing out plunging 97.7 percent compared to same period last year. First quarter data showed that trade deficit is USD9.1 million compared to USD386.9 million last year. Officials from the bank stated that it is related to the 22% increase in export and 17.3% decrease in import. Independent economists stated that the trade deficit is due to the weakened purchasing power of Mongolians. MNT lost 27% of its value in the previous year against USD.

 

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