Mongolia is on course to increase its coal exports to 50 million tonnes in 2024, said Bold Javkhlan, the country's Minister for Finance, during a plenary session of the State Great Khural on May 18.
"While the economy is showing signs of stability, there are still external risks beyond our control," he stated. "The decline in coal prices in foreign markets is not determined by Mongolia."
Mongolia will be able to export 50 million tonnes of coal in 2024. This represents the actual volume of physical exports. However, it is difficult to directly forecast or estimate the prices, he added.
Mongolia exported a total of 19.05 million tonnes of coal in the first four months of this year, surging 402.41% from the same period last year, data from the Mongolian Customs General Administration showed. The export revenue reached $3.06 billion, up 187.66% compared to the same period last year.
Mongolia's coal exports came in at 31.69 million tonnes in 2022, surging 101.72% or 15.98 million tonnes year on year. Exports to China totaled 29.77 million tonnes, accounting for 94% of the total.
(Writing by Alex Guo Editing by Harry Huo)
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