Mongolia was Australia’s 101st largest trading partner in 2016. Export of goods and services to Mongolia totalled A$88m in 2016 made up predominantly of engineering equipment and parts, 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 both the construction and mining procurement stages of the project. Imports from Mongolia were worth A$11m in 2016, with A$9m from services and A$2m from goods.
Australian service exports to Mongolia were worth A$73m in 2016 and have been on a strong upward trend over the last five years. Data on what is driving this trend isn’t readily available but mining related services and education are probably behind the rise. Mongolian students studying at an Australian institute have risen 35% p.a. over the last five years.
Bilateral investment between Australia and Mongolia are miniscule.