Mongolia Industry Sectors
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Mongolia Industry Sectors
Mongolia industry sectors comprise many traditional forms of industries, with food production and textiles being the main pillars of the industry. Mongolia’s industry sector suffered continuous decline throughout the 1990s after the country transitioned into a market economy. With the beginning of the 21st century, Mongolia took several measures resulting in about 20% growth in the processing sector.[br]
Mongolia Industry Sectors
Although the industry sector accounts for 29.5% (2009) of Mongolia’s GDP, it actually possesses a higher potential. Mongolia has vast unexploited mineral deposits, specifically copper and gold. Therefore, a slight shift in focus can help the country in lifting its productivity by a huge margin.
Mongolia’s industry sector has a production growth rate of 3% (steady since 2007). The sector also employs 5% of the total work force.
This is how the Mongolia’s industry sector shares the work pool within itself:
Mongolia’s industries include
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Mining (coal, copper, molybdenum, fluorspar, tin, tungsten, and gold): As of 2007, the Mongolian minerals sector contributed 20.3% to the country’s GDP, accounted for 65.4% of the country’s industrial output and 42.7% of its export revenues.
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Cashmere and natural fiber manufacturing: As of 1999, Mongolia was the second largest producer of cashmere in the world with an annual output of about 3,000 tons. With cashmere being one of the three main export items, the contribution of Mongolia’s wool and cashmere processing sector has exceeded 10% of the total industrial production.[br]
Other industries include:
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Construction materials
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Oil
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Food and beverages
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Processing of animal products
