INDUSTRIAL PRODUCTION INCREASES BY 53.2 PERCENT

According to the preliminary estimates, the production of the industrial sector in the first seven months of 2023 reached MNT 15.6 trillion, increasing by MNT 5.4 trillion (53.2 percent) compared to the same period of the last year.

This was due to the increase of the mining production by MNT 4.3 trillion (64.8 percent) and the processing industry by MNT 825.7  billion (32 percent) respectively, reports the National Statistics Office (NSO). 

In the first seven months of 2023, by preliminary estimates the total production of the mining and extraction industry reached MNT 11 trillion, making increase of MNT 4.3 trillion (64.8 percent) compared to the same period of the previous year. Growth of hard coal and lignite production by MNT 2.9 trillion (3.4 times), gross ores production by MNT 699 billion (13.5 percent), and oil production by MNT 597.3 billion (5.1 times) mostly affected this increase. 

In the mining and extraction industry, the physical volume of copper concentrate, lignite, silver concentrate, hard coal, coal concentrate, oil, and fluoride concentrate increased from 26.1 percent to 9.8 times, while fluoride, zinc concentrate, unrefined gold, and iron ore production decreased by 7.1-48.2 percent compared to the same period of the previous year.

In the manufacturing sector, the physical volume of production of the main products such as cathode copper, absolute alcohol, flour, liquid milk, cement, metal structure, and livestock meat increased from 0.8 percent to 2.7 times, whilst production of the main products such as cigarettes, water, soft drinks, juice, combed cashmere, vodka, coal briquettes, lime, and cashmere knitwear decreased by 1.8-41.5 percent.

The preliminary estimates indicate that sales of the products of the industrial sector in the first seven months of 2023 reached MNT 25.1 trillion, increasing by MNT 10.8 trillion (75.5 percent) compared to the same period of the previous year. This was due to the increase in the sales of the mining and extraction industry by MNT 9.3 trillion (92.5 percent) and the sales of the processing industry by MNT 1.2 trillion (36.8 percent). 

Growth of the sales of the mining and extraction industries by MNT 9.3 trillion MNT (92.5 percent) compared to the same period of the previous year was mainly due to the increase of sales of the coal mining sector by MNT 8 trillion (3.8 times), metal ore mining by MNT 624.5 billion (8.9 percent), and oil mining by MNT 555.5 billion (4.4 times) respectively.

According to the NSO, MNT 17.1 trillion of the MNT 17.7 trillion sales on the foreign market in the first seven months are from the mining and extraction sector. Coal accounted for 58.5 percent of foreign sales of mining products, metal ore for 36.2 percent, oil extraction for 4.2 percent, and other mineral extraction for 1.1 percent.

SOURCE: MONTSAME