Overview of the Economic Situation in Mongolia for January 2026
According to the report from the National Statistical Committee, the total volume of foreign economic activity in Mongolia at the beginning of 2026 amounted to $2.59 billion, which is an increase of 30.1% compared to January of last year. The trade balance set a new record with a surplus of $906.5 million, where exports significantly exceeded imports.
The key factor contributing to these trade results was the export of coal, which in January amounted to 9.7 million tons, an increase of 86.4% compared to the same month in 2025. 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 cashmere, were directed to China. These goods accounted for 81.3% of the total export value.
As for the domestic market, the National Statistical Office reported that in January 2026, the consumer price index rose by 7.5% year-on-year and by 1.1% compared to the previous month. Prices increased in various sectors, including food (12.4%), services (8.9%), and non-food products (5.6%). However, the overall inflation rate slowed down by 1.2 percentage points compared to the figure of 8.7% in January 2025.
The main components of inflation were the rise in meat prices by 18.4% (in particular, beef increased by 25.8%, while lamb and goat meat rose by 17.5%), as well as the increase in flour prices (7.7%) and pasta (16.8%). Imported goods make up 55.3% of the consumer basket (238 out of 430 items) and account for 25.5% of the overall inflation rate. In a regional context, the largest increase in food prices was recorded in the Central region — by 13.8%, while in Ulaanbaatar, service prices rose by 10%.
