Mongolia is Australia’s 84th largest trading partner. Exports of goods and services to Mongolia totalled $229 million in 2018. Goods exports are mostly made up of engineering equipment and parts, electrical machinery and construction-related materials. Australia’s Rio Tinto is the majority shareholder in the Oyu Tolgoi project. This has presented opportunities for Australian companies involved in construction and mining services. Imports from Mongolia amounted to $18 million in 2018, almost all related to services.
Australian service exports to Mongolia totalled $190 million in 2018, and have risen solidly over the last five years. Underlying data are limited, though mining related services and education are likely behind the rise. Mongolian students studying at an Australian institute have risen sharply from a low base since 2012.
Bilateral investment between Australia and Mongolia is small. Australian investment is mostly in the Oyu Tolgoi copper and gold mine.