According to the latest data released by the National Statistics Office, the industrial sector recorded a robust performance in 2024, with total industrial production increasing by five percent compared to the previous year. The total production was estimated at 32.2 trillion MNT, a growth of 1.5 trillion MNT year-on-year. This increase was primarily driven by expansions in the mining, quarrying, and energy sectors.
Production in the mining and extractive industries reached 22.8 trillion MNT in 2024, which was 1.2 trillion MNT, or 5.7 percent, higher than the previous year. The growth in this sector was largely attributed to hard and lignite coal mining, which increased by 834.7 billion MNT, or 8.8 percent, and metal ore mining, which rose by 509.1 billion MNT, or 4.9 percent. The electricity, gas, steam, and air conditioning sector also demonstrated significant growth, with production increasing by 191.2 billion MNT, or 10.2 percent.
In terms of physical volume, the production of copper concentrate, enriched coal, iron ore, zinc concentrate, fluorspar and iron ore concentrate increased by 12 percent to 50.6 percent year-on-year. However, the production of silver concentrate, unrefined gold, oil and fluorspar declined, showing decreases of five percent to 32.5 percent. In the processing industry, the output of key products such as lime, coal briquettes, liquid milk, beverages, cement and beef grew by 0.6 percent to 15.1 percent. On the other hand, products including pure alcohol, flour, cashmere knitwear, cathode copper and combed cashmere saw declines ranging from 4.2 percent to 46.3 percent.
The sales of industrial products in 2024 reached 50.4 trillion MNT, reflecting an increase of 6.6 percent, or 3.1 trillion MNT, compared to the same period in the previous year. Sales in the mining and extraction sector rose by 2.7 trillion MNT, or 7.5 percent, while the energy sector recorded a sales increase of 185.5 billion MNT, or 9.9 percent.
Preliminary data indicates that 36.2 trillion MNT worth of industrial products were sold in foreign markets. Of this, 60 percent came from coal mining, 35.6 percent from metal ore mining, 3.1 percent from oil mining, and 1.3 percent from other mineral mining sectors.
