Tag Archives: Mongolia

According to allcountrylist, Mongolia is a landlocked country located in East Asia with a population of 3.2 million people. The country has a mixed economy and its GDP per capita is among the lowest in the world. Services account for around 45% of GDP, industry contributes around 30%, and agriculture makes up the remaining 25%. Mongolia’s economy is heavily reliant on natural resources such as copper, gold, and coal which account for around 90% of exports. Mining has become an important sector in Mongolia and it accounts for around 20% of GDP annually due to its vast deposits of minerals such as copper, gold, coal, uranium, tungsten, and molybdenum. Industry also plays an important role in the Mongolian economy with manufacturing being the most important sector followed by construction and electricity generation. Manufacturing activities include food processing, leather processing, textiles production, machine building and metalworking. Agriculture is also an important sector in Mongolia although it only accounts for less than 1% of GDP annually due to its large desert areas. Livestock production is the main agricultural activity with sheep and goats being the most widely produced followed by horses and camels. The majority of agricultural produce is consumed domestically while some products are exported to other countries for sale on international markets. Additionally, Mongolia’s economy benefits from low taxes which attract foreign investors who choose to invest in or do business in Mongolia due to its favorable tax environment. Mongolia’s traditional agricultural practices date back centuries, and have evolved significantly over time. In the past, farming was largely done by nomadic herdsmen who raised livestock such as goats, sheep, and yaks. Crop production was limited due to the harsh climate and lack of arable land. However, with the introduction of modern technology in the early 20th century, Mongolia began to transition from a nomadic lifestyle to a more sedentary one. This shift brought about an increase in crop production, which has continued to grow ever since. Today, Mongolia is home to an array of crops such as wheat, barley, oats, potatoes and vegetables. Livestock remains an important part of Mongolian agriculture; however it is now supplemented by industrial-scale animal husbandry operations which produce meat and dairy products for both local consumption and export. The government provides subsidies for farmers to purchase equipment and supplies needed for agricultural production; this has allowed many farmers to expand their operations and increase their yields significantly. Additionally, new technologies such as greenhouses have been introduced in recent years that allow farmers to grow crops year-round in even the harshest climates. This has led to increased food security for many Mongolian families who can now access a variety of fresh produce throughout the year despite the cold weather conditions. See smber for Mongolia Agriculture and Fishing.