Budget ends February with USD 73.1 billion surplus

National Statistics Office released the results of socioeconomic situations of February 2018. According to the report, trade surplus resulted USD 112.4 million, which is 67.4 percent lower in the year over year comparison, while the trade turnover reached USD 1.6 billion, a 18.9 percent growth compared to the corresponding month of 2017. Minerals export revenue stands at approximately USD 690.6 million, of which coal exports made up USD 245.4 million (MNT 5.3 billion). Total exports jumped to USD 838.4 million, a USD 13.1 million growth compared to the same period of last year. The key factor for the growth was USD 41.4 million growth of gold export. Budget deficit reduced by 4.9 percent thanks to the reduced loan pressure, which lowered by 82.5 percent year over year. Budget revenue raised by 29.1 percent, to MNT 1.1 trillion. Specifically, income tax, VAT, foreign operation and social insurance revenues contributed significantly, displaying MNT 73.1 billion surplus. In addition, national consumer price index for goods and services jumped by 6.9 percent over last year's corresponding period. The growth was mainly due to changes in prices of main consumer goods, namely food products, beverages, tobacco, vegetables, accommodation, electricity, medicines and medical services. Money supply reached MNT 15.9 trillion in February, displaying MNT 135.5 trillion increase compared to January. The currency issued in circulation totalled MNT 850.4 billion last month, a five percent increase compared with the previous month. In the monthly comparison, the USD/ MNT rate raised by three percent, to 2402.9 units, while MNT picked up against CNY by 5.5 percent in the year over year comparison. Unemployment fell by 27.8 percent over the corresponding month of last year. The average monthly salary stands at MNT 1 million, a 10.2 percent growth in yoy.