Mongolia had a foreign trade with 114 countries and as a result total turnover of foreign trade for 2008* increased by 2035.8 mln.USD or 49.4 percent and amounted 6155.1 mln. USD in comparison with the 2007.

Import exceeded export by 1076.6 mln. USD and foreign trade balance became negative. Total trade amounted 443.2 mln.USD belong to the seasonal ports which equal to 7.2 percent of total trade turnover (11.1 percent of export and 4.5 percent of import) in 2008.

In 2008, the volume of export is 2539.3 mln. USD which means increase by 590.1 mln.USD in comparison with the previous year. Mongolia has exported goods and raw materials to 72 foreign countries including China (64.2%), the USA (4.4%), Canada (6.9%), and 75.5 percent of whole export comes to these countries.

In 2008, goods with value of 3615.8 mln.USD had been imported and the volume of import increased by 1445.7 mln.USD or 66.6 percent in comparison with the previous year. Mongolia has imported goods originating from 108 countries including European countries (44.3%), Asian countries (50.0%) which are equal to 94.3 percent of total import.
 
Compared to other countries in transition, Mongolia achieved tangible results in trade liberalization. Mongolia's accession to the World Trade Organization (WTO) in January 1997 highlights its relative success in pursuing economic reforms and developing a new trade regime in line with international trading principles. It’s allowed Mongolia to become a part of global trade regime, access full information on WTO member countries, benefit from human resource development in trade field, etc.