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FOREIGN TRADE
The country has suffered from both trade deficit as well as balance of payment deficit over the years.
Major exportable commodities of the country are minerals, foods and beverages and fertilizers. Its exports partners are India, Italy, France and Japan.
Important importable commodities of the country are consumer goods, fuel and machinery equipments. Its partners are Italy, Germany, Spain and France.
Levels of exports and imports of the country is as follows:
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The overall trade scenario of the country is as follows:
| Foreign Trade |
2000 |
2003 |
2004 |
| Exports of goods and services (% of GDP) |
31.4 |
32.5 |
33.1 |
| Imports of goods and services (% of GDP) |
37.6 |
36.4 |
39.3 |
| Merchandise trade (% of GDP) |
56.9 |
52.5 |
54.7 |
| Net barter terms of trade (2000 = 100) |
100.0 |
100.0 |
98.2 |
| Foreign direct investment, net inflows (BoP, current US$) |
221.0 million |
2.3 billion |
768.9 million |
| Long-term debt (DOD, current US$) |
19.1 billion |
17.7 billion |
17.5 billion |
CONCLUSION
Mongolia joined World Bank in the year 1991. Since then the International Development Association has helped the country with more credits. It is also a member of World Trade Organizations presently.
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