Lithuanian Prime Minister Algirdas Butkevičius has travelled to Mongolia to attend the European and Asian summit, but back in 2012 Lithuania identified Mongolia as a trade partner but little has come of it so far.
The Lithuanian Confederation of Industrialists Business council executive director Žilvinas Abaravičius said there are no significant trade links with this country, and Mongolia is not really a priority export market for Lithuania.
In the last four years, Mongolia has slipped from 73rd place in Lithuania‘s trading rankings to 82nd.
Last year Lithuanian exports to Mongolia amounted to €7.88 million. The main exported goods were medication (46%), oil and apples, pears and quinces.
Mongolian goods imports amounted to only €15,000, mostly sweaters and women’s and children’s costumes.
“I have communicated with Versli Lietuva which is responsible for export promotion, and with the Ministry of Economy, but there was really no interest from entrepreneurs to come to Mongolia,” said Lithuanian Embassy in China Commercial Attache Arūnas Karlonas.
One of the reasons why our businesses do not see Mongolia as a potential partner may be the unstable economic situation. Mongolia’s economy needs diversification – other than mining there are few profitable industries in the country, and almost all of Mongolia’s export flows are directed to China – almost 90%.
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