Passenger vehicle imports from Japan steadily rises as total imports jump 35.5 percent
Mongolia imported a total of 43,215 passenger vehicles in the first 10 months of 2017 for 223.3 million USD, a 35.5 percent increase compared to 2016. Japan’s market share in Mongolia’s vehicle market has been steadily increasing as it accounted for around 90 percent of total passenger vehicle imports in 2017.
According to the National Statistics Office, the volume of passenger vehicle imports from 12 other countries has been steadily decreasing.
Vehicle importing companies cite an improved exchange rate of MNT and the relative stability of the currency as the main driving forces for the increase in car imports. In addition, as key economic sectors began to improve compared to last year, the demand for vehicles also rose.
The Mongolian Automobile Distribution Association, an organization that has 10 vehicle distributor companies as members, reported that the sale of new vehicles increased by 20 percent to become 993 in the first half year of 2017.
The import of trucks also saw a dramatic increase in the first 10 months of 2017, increasing by 79.9 percent compared to 2016. In total, 10,550 trucks valued at 136.4 million USD were imported in the first half of this year. Increased investment in mining has been the main driving force of the increased import of trucks.