Market research

Coal market in Mongolia

Release date: Mar 30, 2026

Submission: 15 minutes after payment

Research period: 2017-2025

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Earlier Report Observations

After peaking at 19 226 thousand tons in 2019, Mongolia's coal market size declined to 15 172 thousand tons in 2020 and further to 14 067 thousand tons in 2021. The contraction in 2021 coincided with a sharp, almost 41% drop in coking coal exports to China, which reduced external demand and contributed to lower production volumes.

The market size fell sharply to 5 516 thousand tons in 2022 as coal exports surged to 31 805 thousand tons. This export growth was primarily driven by the government's 'Port Revival' policy and the commissioning of new railway infrastructure, which significantly enhanced logistics and market access for thermal coal shipments.

Exports continued to expand rapidly, reaching 69 608 thousand tons in 2023 and a record 82 911 thousand tons in 2024. However, these high volumes were accompanied by declining coal prices due to unfavorable conditions in the key Chinese market and increased competition from Russian and American suppliers.

Table of content

1. Disclaimer
2. Terms of use of the report
3. Product codes in the statistical classifications used in the report
4. Key Market Indicators and Trends
1. 4.1. Key Market Indicators
  1. 4.1.1. In kind
    1. 4.1.1.1. Production, 2018-2022
    2. 4.1.1.2. Imports, 2018-2024
    3. 4.1.1.3. Exports, 2018-2024
    4. 4.1.1.4. Market size, 2018-2022
2. 4.2. Market Trends and Factors
5. Production
1. 5.1. Production in Mongolia
  1. 5.1.1. Annual dynamics of production in Mongolia in kind, 2018-2022, K t
  2. 5.1.2. Annual dynamics of production in Mongolia in value, 2018-2022, $ US
2. 5.2. Global production by Country, 2018-2022
  1. 5.2.1. Annual dynamics of production by country in kind, 2018-2022, K t
  2. 5.2.2. Structure of production by countries in kind, 2018-2022
  3. 5.2.3. Dynamics of peoduction structure by countries in kind, 2018-2022
6. Imports
1. 6.1. Imports (Direct Data*)
  1. 6.1.1. Imports - Total information
  2. 6.1.2. Imports in kind, K t
    1. 6.1.2.1. Annual dynamics of product's imports to Mongolia in kind, 2018-2024, K t
    2. 6.1.2.2. Dynamics of product's imports in kind to Mongolia by countries, 2018-2024, K t
    3. 6.1.2.3. Structure of product's imports in kind by countries, 2018-2024
  3. 6.1.3. Imports in value, M $ US
    1. 6.1.3.1. Annual dynamics of product's imports to Mongolia in value, 2018-2024, M $ US
    2. 6.1.3.2. Dynamics of product's imports in value to Mongolia by countries, 2018-2024, M $ US
    3. 6.1.3.3. Structure of product's imports in value by countries, 2018-2024
  4. 6.1.4. Average price of product's imports, $ US/t
    1. 6.1.4.1. Annual dynamics of average price of product's imports to Mongolia, 2018-2024, $ US/t
    2. 6.1.4.2. Dynamics of average price of product's imports to Mongolia by countries, 2018-2024, $ US/t
2. 6.2. Imports (Mirror Data)
  1. 6.2.1. Imports - Total information
  2. 6.2.2. Imports in kind, K t
    1. 6.2.2.1. Annual dynamics of product's imports to Mongolia in kind, 2018-2024, K t
    2. 6.2.2.2. Dynamics of product's imports in kind to Mongolia by countries, 2018-2024, K t
    3. 6.2.2.3. Structure of product's imports in kind by countries, 2018-2024
  3. 6.2.3. Imports in value, M $ US
    1. 6.2.3.1. Annual dynamics of product's imports to Mongolia in value, 2018-2024, M $ US
    2. 6.2.3.2. Dynamics of product's imports in value to Mongolia by countries, 2018-2024, M $ US
    3. 6.2.3.3. Structure of product's imports in value by countries, 2018-2024
  4. 6.2.4. Average price of product's imports, $ US/t
    1. 6.2.4.1. Annual dynamics of average price of product's imports to Mongolia, 2018-2024, $ US/t
    2. 6.2.4.2. Dynamics of average price of product's imports to Mongolia by countries, 2018-2024, $ US/t
7. Exports
1. 7.1. Exports (Direct Data*)
  1. 7.1.1. Exports - Total information
  2. 7.1.2. Exports in kind, K t
    1. 7.1.2.1. Annual dynamics of product's exports from Mongolia in kind, 2018-2024, K t
    2. 7.1.2.2. Dynamics of product's exports in kind from Mongolia by countries, 2018-2024, K t
    3. 7.1.2.3. Structure of product's exports in kind by countries, 2018-2024
  3. 7.1.3. Exports in value, M $ US
    1. 7.1.3.1. Annual dynamics of product's exports from Mongolia in value, 2018-2024, M $ US
    2. 7.1.3.2. Dynamics of product's exports in value from Mongolia by countries, 2018-2024, M $ US
    3. 7.1.3.3. Structure of product's exports in value by countries, 2018-2024
  4. 7.1.4. Average price of product's exports, $ US/t
    1. 7.1.4.1. Annual dynamics of average price of product's exports from Mongolia, 2018-2024, $ US/t
    2. 7.1.4.2. Dynamics of average price of product's exports from Mongolia by countries, 2018-2024, $ US/t
2. 7.2. Exports (Mirror Data)
  1. 7.2.1. Exports - Total information
  2. 7.2.2. Exports in kind, K t
    1. 7.2.2.1. Annual dynamics of product's exports from Mongolia in kind, 2018-2024, K t
    2. 7.2.2.2. Dynamics of product's exports in kind from Mongolia by countries, 2018-2024, K t
    3. 7.2.2.3. Structure of product's exports in kind by countries, 2018-2024
  3. 7.2.3. Exports in value, M $ US
    1. 7.2.3.1. Annual dynamics of product's exports from Mongolia in value, 2018-2024, M $ US
    2. 7.2.3.2. Dynamics of product's exports in value from Mongolia by countries, 2018-2024, M $ US
    3. 7.2.3.3. Structure of product's exports in value by countries, 2018-2024
  4. 7.2.4. Average price of product's exports, $ US/t
    1. 7.2.4.1. Annual dynamics of average price of product's exports from Mongolia, 2018-2024, $ US/t
    2. 7.2.4.2. Dynamics of average price of product's exports from Mongolia by countries, 2018-2024, $ US/t
8. Trade balance
1. 8.1. Trade balance (Direct Data)
  1. 8.1.1. In kind, K t
  2. 8.1.2. In value, M $ US
2. 8.2. Trade balance (Mirror Data)
  1. 8.2.1. In kind, K t
  2. 8.2.2. In value, M $ US
9. Top buying and selling countries, 2018-2024
1. 9.1. Direct Data
  1. 9.1.1. Import in Value by Countries-buyers
  2. 9.1.2. Export in Value by Countries-suppliers
2. 9.2. Mirror Data
  1. 9.2.1. Import in Value by Countries-buyers
  2. 9.2.2. Export in Value by Countries-suppliers

Production coal in Mongolia

In kind, 2017-2020, K t

From 2017 to 2020, Mongolia ranked 14th globally in coal production.

Top producers of coal, 2017-2020

Source: SHEV.io

World map of production of coal, 2017-2020

Source: SHEV.io

Following two years of growth, Mongolia's coal production declined. In 2020, the country produced 43 845 K t of coal, marking a 21.4% decrease from the previous year. Between 2017 and 2020, production fell by 8.9%, which translates to an annualized decline of 3.1%. The highest production level was recorded in 2019 at 55 799 K t, with the largest annual increase of 8.6% also occurring that year.

Annual dynamics of production in Mongolia in kind, 2017-2020, K t

Parameter		2018	2019	2020	CAGR
1	Change from last year	6.8%	8.6%	(21.4%)	(3.1%)

Source: SHEV.io

In value, 2017-2020, M $ US

After two years of expansion, Mongolia's coal production value dropped. In 2020, coal output was valued at 3 251 M $ US, showing a sharp year-over-year decline of 30.7%. The peak value was reached in 2019 at 4 693 M $ US, while the largest annual increase of 21.5% was recorded in 2018.

Annual dynamics of production in Mongolia in value, 2017-2020, M $ US

Parameter		2018	2019	2020	CAGR
1	Change from last year	21.5%	18.2%	(30.7%)	(0.2%)

Source: SHEV.io

Exports coal from Mongolia

Exports in kind, K t

Following a two-year upward trend, Mongolia's coal exports declined. In 2020, the country exported 28 677 K t of coal, representing a significant 21.7% decrease compared to 2019. From 2017 to 2020, exports decreased by 14.1%, equivalent to an annualized rate of 5.0%. The highest export volume was recorded in 2019 at 36 604 K t, with the largest annual increase of 8.6% occurring in 2018.

Annual dynamics of product's exports from Mongolia in kind, 2017-2020, K t

Parameter		2018	2019	2020	CAGR
1	Change from last year	8.6%	0.9%	(21.7%)	(5.0%)

Source: SHEV.io

Between 2017 and 2020, China was the primary destination for Mongolia's coal exports in volume terms, accounting for 97.7% of total shipments.

Structure of product's exports in kind by countries, 2017-2020

Source: SHEV.io

World map of product's exports from Mongolia in kind, 2017-2020

Source: SHEV.io

Exports in value, M $ US

After two years of growth, Mongolia's coal export value declined. In 2020, exports amounted to 2 127 M $ US, down 30.9% from 2019. Over the 2017-2020 period, export value decreased by 6.2%, with a compound annual growth rate of -2.1%. The peak value was recorded in 2019 at 3 079 M $ US, while the largest annual increase of 23.6% was seen in 2018.

Annual dynamics of product's exports from Mongolia in value, 2017-2020, M $ US

Parameter		2018	2019	2020	CAGR
1	Change from last year	23.6%	9.9%	(30.9%)	(2.1%)

Source: SHEV.io

From 2017 to 2020, China dominated Mongolia's coal export market in value terms, holding a 97.3% share of total flows.

Structure of product's exports in value by countries, 2017-2020

Source: SHEV.io

World map of product's exports from Mongolia in value, 2017-2020

Source: SHEV.io

Imports coal to Mongolia

Imports in kind, K t

The data shows irregular fluctuations, indicating a volatile market environment. Import volumes varied significantly, with the lowest point in 2017 and the peak in 2019, showing a 16-fold difference between these years. In 2020, Mongolia imported 4 K t of coal, an 85.2% decrease year-over-year. The maximum volume was recorded in 2019 at 30 K t, with the largest annual increase of 1 360.3% also occurring that year.

Annual dynamics of product's imports to Mongolia in kind, 2017-2020, K t

Parameter		2018	2019	2020	CAGR
1	Change from last year	12.6%	1 360.3%	(85.2%)	34.6%

Source: SHEV.io

During 2017-2020, China was the key and nearly exclusive source for Mongolia's coal imports in volume terms, accounting for 100.0% of total flows.

Structure of product's imports in kind by countries, 2017-2020

Source: SHEV.io

World map of product's imports to Mongolia in kind, 2017-2020

Source: SHEV.io

Imports in value, M $ US

The market exhibited volatility during the observed period. Import values reached their lowest point in 2017 and peaked in 2019, with a 28-fold difference between these years. In 2020, Mongolia's coal imports were valued at 0.1 M $ US, reflecting an abrupt 87.4% decrease from the previous year. The highest value was recorded in 2019 at 1 M $ US, with the largest annual increase of 2 578.0% also occurring that year.

Annual dynamics of product's imports to Mongolia in value, 2017-2020, M $ US