Macro-economy & structure12 datasets
Annual % change at constant prices, 2010–2025
Source: NSO — 2025 is preliminary. The falls in 2010 and 2024 follow the winter disasters (dzud) of 2009/10 and 2023/24, when 10.3 million and 9.4 million adult animals died. In the first half of 2026 agriculture grew 11.6% and GDP 10.4% (preliminary quarterly accounts, chain-linked basis).
Agriculture, forestry and fishing, current US$ billion, 2010–2025
Source: World Bank WDI · IMF — World Bank series, nearly identical to the NSO dollar series. The decline in 2016–2017 coincides with the depreciation of the togrog from 1,970 to 2,440 per US dollar (IMF annual averages, 2015 and 2017), and the decline in 2024 with the dzud.
Gross output at current prices, MNT trillion, 2010–2025
Source: NSO — Current prices, not adjusted for inflation. Total output was MNT 10.34 trillion in 2025, of which livestock 81.3% (own calculation). NSO shows the same crop value for 2017 and 2018.
Agriculture, forestry and fishing, % of total employment, 2010–2025
Source: NSO · World Bank WDI — NSO shares are own calculations, obtained by dividing those employed in agriculture, forestry and fishing by all employed (315,149 of 1,358,982 in 2025).
Thousand, end of year, 2010–2025
Source: NSO — From the annual livestock census. Herder households are households whose main livelihood is herding. Households owning livestock also include those for which herding is not the main activity.
Resident population at the end of the year, million, 2010–2025
Source: NSO · World Bank WDI — The population reached 3.59 million at the end of 2025, of whom 28.8% lived in rural areas (own calculation). The rural population has been close to one million since 2017.
Population below the national poverty line, %, survey years 2010–2022
Source: NSO · World Bank WDI — Household Socio-Economic Survey. The 2022 poverty line was rebased, so 2022 is not strictly comparable with earlier rounds. No later official consumption-poverty figure was published by October 2026.
Agricultural land by type, 2025, million ha (total 134.1 million ha)
Source: NSO — Aimag-level land balance of the land administration agency, published by NSO, on the classification used since 2023. 'Other agricultural land' is the remainder (own calculation). The national land-fund table, on the earlier classification, gives 107.4 million ha of agricultural land for 2025.
Headline indicators, 2015–2025
| Indicator | 2015 | 2020 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| GDP, current prices (MNT trillion) | 22.89 | 37.45 | 70.44 | 80.66 | 89.94* |
| GDP (US$ billion, World Bank) | 11.62 | 13.31 | 20.33 | 23.79 | 25.37 |
| Real GDP growth (%) | 2.4 | −4.6 | 7.4 | 5.1 | 6.8* |
| Agriculture, forestry, fishing & hunting value added (MNT trillion) | 3.22 | 4.86 | 6.99 | 5.88 | 8.04* |
| Agricultural value added (US$ billion, World Bank) | 1.64 | 1.73 | 2.02 | 1.73 | 2.27 |
| Agriculture, share of GDP (%) | 14.0 | 12.8 | 9.8 | 7.3 | 8.9* |
| Real growth of agriculture (%) | 10.7 | 5.8 | −8.9 | −28.7 | 33.2* |
| Gross agricultural output (MNT trillion) | 4.29 | 6.24 | 9.10 | 8.20 | 10.34 |
| Employed in agriculture, forestry & fishing (thousand) | 327.6 | 352.0 | 361.9 | 305.0 | 315.1 |
| Livestock, end of year (million head) | 55.98 | 67.07 | 64.68 | 57.65 | 58.10 |
| Population, end of year (million) | 3.06 | 3.37 | 3.51 | 3.55 | 3.59 |
| CPI inflation, annual average (%) | 6.6 | 3.7 | 10.4 | 6.8 | 8.6 |
| Togrog per US$, annual average | 1,970.31 | 2,813.29 | 3,465.74 | 3,389.98 | 3,545.14 |
Source: NSO · World Bank WDI · IMF — * Preliminary. Fixed-base national accounts. NSO's revised chain-linked pilot series (September 2026) gives higher GDP and lower agricultural value added for 2019–2025. Shares are from NSO's composition table and differ slightly from value added divided by GDP.
Herders by region, 2010 and 2025
| Region | Herders 2010 | Herders 2025 | Share of herders 2025 (%) |
|---|---|---|---|
| Western region | 88,128 | 79,217 | 25.3 |
| Khangai region | 134,463 | 129,330 | 41.3 |
| Central region | 61,561 | 61,450 | 19.6 |
| Eastern region | 37,109 | 37,725 | 12.0 |
| Ulaanbaatar | 5,304 | 5,477 | 1.7 |
| Mongolia | 326,565 | 313,199 | 100 |
Source: NSO — Shares are own calculations. Khuvsgul (34,635), Uvurkhangai (29,062) and Arkhangai (27,352) had the most herders in 2025.
Agricultural land, 2025
| Item | Thousand ha | % of agricultural land |
|---|---|---|
| Total territory | 156,411.6 | – |
| Agricultural land (aimag land balance, classification since 2023) | 134,108.8 | 100 |
| of which pasture | 129,323.4 | 96.4 |
| of which hayfields | 1,945.1 | 1.5 |
| of which cropland | 1,258.9 | 0.9 |
| of which irrigated cropland | 25.2 | – |
| Abandoned land | 217.2 | – |
| Agricultural land (national land-fund table, earlier classification) | 107,429.5 | – |
| Land equipped for irrigation (FAO, 2024) | 87.9 | – |
| Area actually irrigated (FAO, 2024) | 59.5 | – |
Production, trade & prices32 datasets
Exports and imports of HS chapters 01–24 by partner country, US$ million (UN Comtrade, as reported by Mongolia)
Source: UN Comtrade — HS chapters 01–24 (live animals to tobacco). Cashmere and wool (HS chapter 51, US$400.3 million of exports in 2023) and hides (chapter 41) are not included. 2023 is the latest year Mongolia has reported to UN Comtrade (checked October 2026). Partner values are as reported by Mongolian customs. Small territories without a shape on the 1:110m world map appear only in the ranked list.
Livestock census, end of year, million head, 2010–2025
Source: NSO — The herd grew from 32.7 million head at the end of 2010 to a peak of 71.1 million in 2022, then fell to 57.6 million in 2024 after the 2023/24 dzud. It was 58.1 million at the end of 2025.
Adult animals lost during the year, million head, 2010–2025
Source: NSO — All abnormal deaths of adult animals in the calendar year, from the livestock census. The high values of 2010 and 2024 correspond to the dzud winters of 2009/10 and 2023/24. In the first half of 2026 losses were 348,500 head.
Losses in the year, % of the herd at the end of the previous year, 2010–2025
Source: NSO — Own calculation from NSO losses and the previous year-end census (for example 9.36 million of 64.68 million head in 2024).
Meat output, thousand tonnes, 2010–2025
Source: NSO — Meat output rises in years of heavy losses or culling and falls after them. The 2024 fall to 453,100 tonnes followed the loss of 9.4 million adult animals.
Output, tonnes, 2010–2025
Source: NSO — Cashmere output peaked at 11,520 tonnes in 2020 and was 8,836 tonnes in 2025. NSO does not split wool by species.
Thousand tonnes, 2019–2025
Source: NSO — The series starts in 2019 because NSO's milk figures fall from 719,872 tonnes in 2018 to 193,245 tonnes in 2019, a change of definition that the metadata do not explain. The two periods are not comparable.
Thousand ha, 2010–2025
Source: NSO — 'Other cereals' is total cereals minus wheat (own calculation). Industrial crops such as rapeseed are not shown.
Thousand tonnes, 2010–2025
Source: NSO — Wheat covered 89% of the cereal area in 2025. NSO's harvest table does not show wheat separately. Harvests were low in 2015, 2017 and 2025, when wheat yields fell below 10 centners per ha.
Thousand tonnes, 2010–2025
Wheat yield, centners per ha, 2010–2025
Source: NSO — One centner is 100 kg, so 9.7 c/ha equals 0.97 tonnes per ha. Wheat is rain-fed on almost all of the cropland.
Natural hay, thousand tonnes, 2010–2025
Domestic production as % of national supply, 2025
Source: NSO — NSO food-security table, methodology of December 2023. The remainder of supply is imported.
Domestic production as % of national supply, 2017–2025
Source: NSO — The domestic share of flour fell to 58.3% in 2024, when imports of flour rose to 63,700 tonnes.
Thousand tonnes, 2015–2025 and January–September 2026
Source: NSO — NSO main-commodity import table. Flour imports were 63,700 tonnes in 2024 and 27,200 tonnes in 2025.
Exports and imports of HS chapters 01–24, US$ million, 2015–2023
Source: UN Comtrade — UN Comtrade, as reported by Mongolia, own sums of chapters. Cashmere and wool (HS chapter 51) are shown separately. Agri-food exports rose in 2023 with meat, meat preparations and nuts sold to China. 2023 is the latest year reported.
Exports by HS chapter, US$ million, 2023
Source: UN Comtrade — UN Comtrade, as reported by Mongolia. Cashmere and wool (HS chapter 51), outside the agri-food chapters, earned a further US$400.3 million in 2023.
Exports by HS heading, US$ million, 2023
Source: UN Comtrade — UN Comtrade, as reported by Mongolia. Comtrade's figures for horse meat and combed hair are close to those of NSO (US$125.5 million and US$95.9 million).
Imports by HS chapter, US$ million, 2023
Exports of washed cashmere and combed goat down, US$ million, 2015–2025
Source: NSO — NSO main-commodity export table. Washed cashmere exports were nil in 2025, while combed down exports rose to 4,023 tonnes. NSO does not state the reason. In January–September 2026 combed down exports were US$312.6 million. NSO's Mongolian table names this item washed cashmere (угаасан ноолуур), its English table greasy cashmere.
US$ million, 2015–2025
Source: NSO — 34,654 tonnes were exported in 2025. NSO's main-commodity table does not list exports of mutton, goat meat or beef by value.
CPI, % change, 2010–2025
Source: NSO — Food inflation in December was 21.0% in 2021, 15.4% in 2022, 12.2% in 2023, 8.9% in 2024 and 11.3% in 2025 (NSO, different base years).
CPI, % change on the same month of 2025, January–September 2026
Retail price in October, MNT per kg, 2021–2026
Source: NSO — NSO weekly price survey. The 2026 values are for 12 October, the 2025 values for 13 October and the 2022 values for 17 October. Between these dates mutton rose 52.7% and goat meat 65.2% (own calculation).
Livestock census by species (thousand head, end of year)
| Species | 2010 | 2015 | 2020 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Sheep | 14,480.4 | 24,943.1 | 30,049.4 | 32,747.7 | 29,409.4 | 24,491.1 | 23,862.5 |
| Goats | 13,883.2 | 23,592.9 | 27,720.3 | 27,569.4 | 24,618.2 | 22,920.2 | 23,170.3 |
| Cattle | 2,176.0 | 3,780.4 | 4,732.0 | 5,512.8 | 5,350.8 | 5,074.6 | 5,441.5 |
| Horses | 1,920.3 | 3,295.3 | 4,093.9 | 4,821.1 | 4,829.7 | 4,683.2 | 5,128.7 |
| Camels | 269.6 | 368.0 | 472.9 | 470.5 | 473.9 | 480.6 | 501.3 |
| Total | 32,729.5 | 55,979.7 | 67,068.5 | 71,121.5 | 64,681.9 | 57,649.7 | 58,104.2 |
| Adult animals lost during the year | 10,319.9 | 625.6 | 2,064.1 | 667.5 | 4,921.5 | 9,364.1 | 358.9 |
Source: NSO — The census is held every December. The herd was 44.0 million at the end of 2009, before the 2009/10 dzud.
Livestock products
| Product | 2015 | 2020 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Meat (thousand tonnes) | 448.2 | 746.2 | 668.6 | 453.1 | 699.9 |
| Milk (thousand tonnes) | 695.3 | 200.2 | 266.3 | 252.9 | 295.4 |
| Wool (tonnes) | 25,874 | 35,919 | 29,864 | 24,250 | 23,742 |
| Cashmere (tonnes) | 8,053 | 11,520 | 10,609 | 8,688 | 8,836 |
| Hides and skins (thousand pieces) | 12,878 | 15,649 | 14,428 | 11,010 | 12,658 |
Source: NSO — Milk figures before 2019 follow a different definition and are not comparable with later years.
Crop area, harvest and yield
| Crop | Sown area 2025 (thousand ha) | Harvest 2024 (thousand t) | Harvest 2025 (thousand t) | Yield 2025 (c/ha) |
|---|---|---|---|---|
| Cereals | 310.9 | 443.2 | 294.5 | 9.5 |
| of which wheat | 277.1 | – | – | 9.7 |
| Potatoes | 13.4 | 251.4 | 114.1 | 85.2 |
| Vegetables | 16.3 | 282.3 | 239.8 | – |
| Fodder crops | 93.4 | 259.2 | 198.2 | – |
| Natural hay | – | 1,577.4 | 1,809.5 | – |
Domestic share and level of food supply
| Product | Domestic share 2023 (%) | Domestic share 2024 (%) | Domestic share 2025 (%) | Supply against the norm 2025 (%) |
|---|---|---|---|---|
| Livestock meat | 99.3 | 98.8 | 99.2 | 500.2 |
| Milk | 99.9 | 99.8 | 99.9 | 158.5 |
| Flour | 91.2 | 58.3 | 80.9 | 145.8 |
| Potatoes | 95.9 | 95.9 | 90.4 | 96.1 |
| Vegetables | 63.3 | 65.6 | 60.6 | 147.9 |
| Eggs | 59.2 | 70.6 | 66.7 | 88.9 |
| Vegetable oil | 5.2 | 1.9 | 9.9 | 113.5 |
| Fruits and berries | 3.7 | 2.9 | 0.1 | 41.4 |
Source: NSO — The last column compares the national annual reserve of each product with the annual intake of the standard population (NSO methodology of December 2023).
Mongolia in world livestock production, 2024
| Item | Mongolia | World rank | Share of world (%) |
|---|---|---|---|
| Horses (head) | 4.68 million | 4 | 8.33 |
| Horse meat (tonnes) | 61,158 | 4 | 8.18 |
| Goats (head) | 22.9 million | 12 | 1.93 |
| Camels (head) | 480,600 | 13 | 1.08 |
| Sheep (head) | 24.5 million | 14 | 1.80 |
| Camel meat (tonnes) | 11,572 | 14 | – |
| Goat meat (tonnes) | 63,789 | 16 | – |
| Sheep meat (tonnes) | 133,288 | 19 | – |
Source: FAO — Own ranking of countries from the FAOSTAT production file (release of December 2025), with mainland China counted separately. The shares for horses and horse meat are against the FAOSTAT World total. FAOSTAT does not publish a cashmere item, so no world rank for cashmere is given.
Main agri-food trade partners, 2023
| Partner | Exports (US$ m) | Share of exports (%) | Imports (US$ m) | Share of imports (%) |
|---|---|---|---|---|
| China | 435.9 | 83.6 | 224.9 | 21.7 |
| Russia | 4.9 | 0.9 | 248.6 | 23.9 |
| Iran | 34.7 | 6.6 | – | – |
| South Korea | 4.2 | 0.8 | 117.3 | 11.3 |
| Germany | 6.7 | 1.3 | 42.8 | 4.1 |
| Poland | – | – | 54.6 | 5.3 |
| Kazakhstan | 4.1 | 0.8 | 25.6 | 2.5 |
| All partners | 521.4 | 100 | 1,038.2 | 100 |
Source: UN Comtrade — HS chapters 01–24, as reported by Mongolia. Shares are own calculations. A dash means the value is below US$0.1 million or not reported.
Main animal-based exports
| Product | 2023 | 2024 | 2025 | Jan–Sep 2026 |
|---|---|---|---|---|
| Combed goat down (US$ m) | 95.9 | 69.8 | 332.5 | 312.6 |
| Combed goat down (tonnes) | 1,001 | 707 | 4,023 | 3,158 |
| Washed cashmere (US$ m) | 264.0 | 256.7 | 0.0 | 0.9 |
| Washed cashmere (tonnes) | 5,449 | 4,776 | 0 | 9 |
| Horse meat (US$ m) | 125.5 | 84.2 | 124.3 | 65.2 |
| Horse meat (tonnes) | 32,932 | 23,850 | 34,654 | 20,231 |
| Sheep wool (US$ m) | 14.0 | 8.9 | 6.7 | 4.2 |
| Knitted jerseys, pullovers and cardigans (US$ m) | 17.0 | 12.0 | 12.8 | 10.5 |
Source: NSO — NSO main-commodity export table. The table does not list mutton, goat meat or live animals.
Selected food and farm-input imports
| Product | 2024 (US$ m) | 2025 (US$ m) | 2025 (tonnes) | Jan–Sep 2026 (US$ m) |
|---|---|---|---|---|
| Wheat | 25.5 | 11.4 | 44,200 | 34.3 |
| Flour | 18.6 | 8.5 | 27,200 | 7.3 |
| Granulated sugar | 52.8 | 35.4 | 54,473 | 29.9 |
| Vegetable oil | 15.9 | 17.8 | 11,974 | 12.9 |
| Rice | 29.8 | 40.1 | 67,897 | 18.4 |
| Nitrogen fertiliser | 68.2 | 90.8 | 273,120 | 96.2 |
| All food products (HS section IV) | 864.4 | 889.0 | – | 683.0 |
Source: NSO — NSO main-commodity import table. HS section IV covers prepared foodstuffs, beverages and tobacco. A dash means the value was not read from the table.
Climate & environment12 datasets
Country average, °C, 1950–2024 (CRU TS 4.09)
Source: World Bank CCKP · MECC — The 1961–1990 average was −0.10 °C and the 2015–2024 average 1.77 °C (own calculation from the series). The national report gives warming of 2.52 °C since 1940 from station data.
Change in annual mean temperature against 1995–2014, °C, CMIP6 multi-model median
Source: World Bank CCKP — The 10th–90th percentile range for 2080–2099 is 2.11–3.93 °C under SSP2-4.5 and 4.14–7.82 °C under SSP5-8.5.
Country average, mm, 1990–2024 (CRU TS 4.09)
Source: World Bank CCKP — The series shows no clear trend. The 1961–1990 average was 231.8 mm and the 2015–2024 average 240.2 mm (own calculation).
Greenhouse gas emissions by sector, % of total excluding land use, 2022
Source: MECC — Total emissions were 48.5 million tonnes of CO2-equivalent in 2022, excluding land use, land-use change and forestry.
Emissions from agriculture, million tonnes CO2-equivalent, selected years 1990–2022
Source: MECC — Sum of enteric fermentation, manure management, agricultural soils and field burning in the inventory (own addition). Enteric fermentation alone was 18.7 Mt in 2022, 70% of the total.
Enteric fermentation, thousand tonnes CH4, 2022
Share of surveyed rangeland by recovery class, %, 2020–2025 (photo monitoring)
Source: GALAGC — Land administration agency, second national photo-monitoring report. The surveyed area grew from 123.2 million ha in 2020 to 130.5 million ha in 2025. The method differs from the site-based rangeland health reports of 2015 and 2018.
Water extracted for agriculture, million m³, 2019–2023
Source: NSO — Environmental-economic water accounts. Excluding water for hydropower, agriculture used about 53% of water extracted in 2023 (own calculation).
Major dzud winters
| Winter | Adult livestock lost in the year (NSO, million) | Share of herd (%) | Reported impact |
|---|---|---|---|
| 2009/10 | 10.32 | 23.4 | Up to 8.4 million head died by May 2010. 770,000 herders affected and 43,500 herders lost all their animals48 |
| 2015/16 | 1.45 | 2.6 | 1,236,700 adult animals died by June 2016 and 965,000 people were affected49 |
| 2019/20 | 2.06 | 2.9 | Red Cross relief operation for 7,500 people50 |
| 2022/23 | 4.92 | 6.9 | The ministry counted 2 million animals dead between December 2022 and May 202351 |
| 2023/24 | 9.36 | 14.5 | The ministry counted 8.1 million animals dead by July 2024. Nearly 5,000 households lost more than 70% of their herd52 |
Assessments of rangeland condition
| Assessment | Data year | Finding |
|---|---|---|
| National Report on Rangeland Health (first) | 2014 | 65% of 1,450 monitoring sites altered from reference condition53 |
| National Report on Rangeland Health (second) | 2016 | 57% of 1,516 sites altered, 10.3% of all sites fully degraded and 79% of all sites recoverable within ten years54 |
| Assessment cited in NDC 3.0 | 2020 | Nearly 70% of pasture deteriorated to some degree55 |
| Photo-monitoring report of the land agency | 2025 | 15.1% of surveyed rangeland strongly or very strongly degraded, against 20.5% in 2020 (own calculation from classes IV and V)46 |
Source: MOFA, ALAGAC, IRIMHE, SDC · ALAMGAC, MOFALI, IRIMHE, SDC · Government of Mongolia · GALAGC · NSO — The assessments use different methods, so their shares do not form a time series. NSO also publishes the area of degraded pasture and other wooded land reported by the land agency. No official national estimate of pasture carrying capacity against actual stocking was found.
Key climate and emissions indicators
| Indicator | Value | Year or period |
|---|---|---|
| Warming since 1940 (station data) | +2.52 °C | 1940–2024 |
| Mean temperature, CRU country average | 1.77 °C (−0.10 °C in 1961–1990) | 2015–2024 |
| Projected warming, SSP5-8.5 (median) | +5.89 °C | 2080–2099 against 1995–2014 |
| Total GHG emissions excluding land use | 48.5 Mt CO2e | 2022 |
| Agriculture's share of emissions | 55.2% | 2022 |
| Enteric fermentation's share of agricultural emissions | 70% | 2022 |
| Emissions against business-as-usual | 7.6% below | 2022 |
| Water extracted for agriculture | 337.5 million m³ | 2023 |
Mongolia's NDC targets
| Document | Target | Agriculture | Finance needs |
|---|---|---|---|
| Updated NDC (Government Resolution No. 407 of 2019, submitted 2020) | 22.7% below business-as-usual by 2030, 27.2% with conditional measures | Livestock and manure measures of 5.28 Mt CO2e in 2030 | US$11.5 billion |
| NDC 3.0 (Government Resolution No. 91 of 10 September 2025) | 30.3% below business-as-usual by 2035, 46.3% with the forest sink | Adaptation targets for pasture and animal husbandry, including long-term pasture use contracts | US$14.84 billion |
Source: Government of Mongolia · Legalinfo — Targets as stated in the NDC documents submitted to the UNFCCC.
Agricultural finance16 datasets
Outstanding bank loans, MNT billion, end of year 2010–2025 and August 2026
Source: BoM — Bank of Mongolia created a separate 'herder loan' line in May 2020. Before then most loans to herders were recorded among household loans, so the series are not comparable across 2020. August 2026 is preliminary.
Outstanding bank loans to agriculture, forestry, fishing and hunting, converted at the IMF end-of-period rate, US$ million, 2010–2025 and August 2026
Source: BoM · IMF — Own conversion of the sector loan stock at the IMF end-of-period MNT/USD rate, the IMF ER dataset's republication of the Bank of Mongolia official rate. The rates used are 1,256.47 (2010), 1,396.37 (2011), 1,392.10 (2012), 1,654.10 (2013), 1,885.60 (2014), 1,995.98 (2015), 2,489.53 (2016), 2,427.13 (2017), 2,643.69 (2018), 2,734.33 (2019), 2,849.89 (2020), 2,849.34 (2021), 3,444.60 (2022), 3,410.69 (2023), 3,420.46 (2024), 3,556.81 (2025) and 3,595.14 (end-August 2026). Herder loans are not included. With them, the agriculture-related stock was about US$727 million at the end of 2025 and US$768 million in August 2026. In togrog terms the sector stock grew 10.7 times between 2010 and 2025, and in dollar terms 3.8 times. Values before and after May 2020 are not fully comparable.
IMF end-of-period rate, 2010–2025 and August 2026
Source: IMF — The rates are the IMF ER dataset's republication of the Bank of Mongolia official rate. The togrog lost 65% of its value against the dollar between the end of 2010 and the end of 2025 (own calculation). The largest annual depreciations were in 2016 (from 1,996 to 2,490) and 2022 (from 2,849 to 3,445).
Loans issued during the year, MNT billion, 2017–2025 and January–August 2026
Source: BoM — Sums of monthly flows. Herder loans in 2020 cover May–December only. Banks issued MNT 66.7 trillion of new loans in all sectors in 2025.
Non-performing loans, % of outstanding loans, end of year 2010–2025 and August 2026
Source: BoM · WB — Own calculation from Bank of Mongolia stocks of non-performing and outstanding loans. The agricultural NPL stock stayed at MNT 72–80 billion from 2018 to 2026, mostly in crop farming, so the ratio fell as lending grew. The World Bank headline ratio on the IMF basis is lower, at 3.5% in 2025.
Weighted average rate on new MNT loans in December, % a year, 2017–2025 and August 2026
End of period, %, 2010–2025 and August 2026
Source: BoM — The one-week central bank bill rate became the policy rate in July 2007, and from April 2018 the policy rate applies to 28-day central bank bills. The rate was raised in steps from 6% to 13% during 2022, cut to 10% in 2024, raised to 12% in March 2025 and to 12.5% in August 2026.
Outstanding loans to the agriculture sector by sub-sector, MNT billion, end of year 2017–2025 and August 2026
Source: BoM — Sub-sectors of the agriculture, forestry, fishing and hunting sector. Forestry, fishing and hunting are small and not shown. Loans to individual herders are recorded separately as herder loans.
Outstanding loans of non-bank financial institutions to agriculture, MNT billion, end of year 2020–2025 and June 2026
Source: FRC — Financial Regulatory Commission consolidated reports. Agriculture accounted for about 1% of NBFI loans in each year since 2021.
Total gross premiums of insurers, MNT billion, 2016–2025
Source: FRC — Premiums equalled 0.48% of GDP in 2016 and 0.66% in 2025. Index-based livestock insurance written by direct insurers was MNT 3.18 billion in 2025.
Adults (15+) with an account at a financial institution or a mobile-money provider, %, 2011–2024
% of GDP, 2010–2024
Agricultural credit at a glance
| Indicator | Dec 2023 | Dec 2024 | Dec 2025 | Aug 2026 |
|---|---|---|---|---|
| Bank loans to agriculture (MNT billion) | 504.1 | 1,206.5 | 1,518.6 | 1,470.6 |
| of which crop farming (MNT billion) | 399.6 | 846.5 | 938.1 | 951.5 |
| of which livestock (MNT billion) | 91.2 | 334.5 | 538.3 | 480.3 |
| of which under state or donor programmes (MNT billion) | 104.0 | 586.1 | 1,228.5 | 1,135.3 |
| Herder loans (MNT billion) | 1,207.5 | 1,291.0 | 1,067.1 | 1,290.5 |
| Agriculture, share of bank loans (%) | 1.86 | 3.28 | 3.47 | 3.04 |
| Agriculture and herder loans, share of bank loans (%) | 6.30 | 6.79 | 5.91 | 5.71 |
| Non-performing agricultural loans (% of agricultural loans) | 15.9 | 6.3 | 4.8 | 5.4 |
| Rate on outstanding agricultural loans (%) | – | 7.87 | 8.66 | 12.73 |
| Rate on outstanding loans, all sectors (%) | – | 15.28 | 16.37 | 16.99 |
| NBFI loans to agriculture (MNT billion) | 34.5 | 62.4 | 74.3 | 81.3 (Jun) |
| Policy rate (%) | 13 | 10 | 12 | 12.5 |
Non-bank lenders and savings and credit cooperatives
| Indicator | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| NBFIs in the FRC consolidated report (end of year) | 534 | 513 | 529 | 573 | 575 |
| NBFI loans to agriculture issued in the year (MNT billion) | 21.7 | 36.0 | 33.4 | 68.8 | 63.2 |
| NBFI loans to agriculture outstanding (MNT billion) | 23.8 | 35.4 | 34.5 | 62.4 | 74.3 |
| Agriculture, share of NBFI loans (%) | 1.2 | 1.3 | 0.9 | 1.1 | 1.0 |
| Savings and credit cooperatives | 209 | 196 | 191 | 178 | 176 |
| SCC members (thousand) | 75.4 | 71.7 | 72.5 | 75.3 | 77.2 |
Source: FRC — Financial Regulatory Commission. SCC loans were MNT 290.9 billion at the end of 2025, of which MNT 78.9 billion at 94 rural SCCs. The FRC does not publish SCC lending by sector.
Index-based livestock insurance
| Indicator | 2023 | 2024 | 2025 |
|---|---|---|---|
| Contracts written by direct insurers | 4,840 | 3,420 | 2,555 |
| Gross premium of direct insurers (MNT million) | 1,591.8 | 733.5 | 3,175.6 |
| Claims paid by direct insurers (MNT million) | 451.0 | 97.8 | 0.9 |
| Individual contracts sold through brokers | 31,345 | 16,233 | 19,350 |
| Premium sold through brokers (MNT million) | 4,091.8 | 2,575.2 | 3,256.0 |
| Reinsurance premium for IBLI, National Reinsurance JSC (MNT million) | 102.6 | 1,404.6 | 1,740.7 |
| IBLI claims paid by the reinsurer (MNT million) | 0.0 | 14,580.7 | 0.0 |
Source: FRC — Broker figures count individual policyholders and insurer figures count contracts, so the two are not additive. In 2024 IBLI accounted for 92.0% of the reinsurer's claims, following the 2023/24 dzud. The number of herders and animals insured is not published in the FRC reports.
State support & credit programmes3 datasets
Outstanding bank loans to agriculture, programme-funded and other, MNT billion, end of year 2017–2025 and August 2026
Source: BoM — Bank of Mongolia reports loans 'implemented with projects or programmes' (state or donor funds, usually below market rates). 'Other loans' is the sector total minus programme loans (own calculation). Programme loans made up 81% of agricultural loans at the end of 2025.
Outstanding bank loan accounts, thousand, end of year 2020–2025 and August 2026
State support for agricultural credit
| Measure | Legal basis | Main terms |
|---|---|---|
| Concessional loans to hide and skin processors, with payments to herders | Parliament Resolution No. 74 of 28 Dec 2012 | MNT 140.4 billion of 5-year government securities to fund loans at no more than 7%, plus MNT 3,000 per small-stock skin and MNT 15,000 per cattle or horse hide paid to cooperative member herders82 |
| 'Food Supply and Security' national movement | Parliament Resolution No. 36 of 17 Jun 2022 | Directs the Government to arrange MNT 1.7 trillion of financing in 2022–2026 through interest subsidies, guarantees and external loans83 |
| 'New Cooperative Movement' | Government Resolution No. 166 of 24 Apr 2024 | MNT 5 trillion plan. The state pays the interest above 6 percentage points on loans of up to 5 years to cooperative member herders issued until 2029, with Credit Guarantee Fund guarantees84 |
| Atar-4 sustainable crop development campaign | Government Resolution No. 47 of 29 Jan 2025 | Four years from February 2025. Concessional loans from commercial bank funds to crop, livestock and food-processing producers, with state interest support capped at the policy rate85 |
| Credit guarantees for food and agriculture | Law on the Credit Guarantee Fund (2012) | Guarantees of up to MNT 1.2 billion on loans at 5–6% for up to 60 months8687 |
| Customs and VAT exemption for farm machinery and inputs | 2008 legislation, expired 31 Dec 2020 | Worth MNT 281 billion to crop producers over the period88 |
Source: Legalinfo · CGFM · Parliament — Official outturn data (amounts lent, borrowers, rates paid) for these programmes were not found in a public official source.
Sustainable finance5 datasets
Outstanding bank green loans classified as sustainable agriculture, MNT billion, end of year 2020–2025 and June 2026
Source: BoM — Category of the Mongolian Green Taxonomy reported to the Bank of Mongolia. Total green loans were MNT 2,337.7 billion at the end of 2025 and MNT 2,896.8 billion in June 2026.
Sustainable finance framework
| Instrument | Issuer | Year | Relevance to agriculture |
|---|---|---|---|
| Mongolian Sustainable Finance Principles and sector guidelines | Mongolian Bankers Association | 2014 | Includes a sector guideline for agriculture9394 |
| Mongolian Sustainable Finance Association | Founded by the banks | 2017–2018 | Coordinates the principles, the taxonomy and the roadmap9593 |
| Mongolian Green Taxonomy | Financial Stability Council | 2019 | Category for sustainable agriculture, including pasture management, organic livestock and cashmere processing96 |
| National sustainable finance roadmap | MSFA, approved by the Financial Stability Council | 2018 and 2022 | Target of 10% green loans in banks by 20309290 |
| Green loan reporting | Bank of Mongolia | Since Q1 2020 | Green loans for sustainable agriculture of MNT 348.9 billion at the end of 202589 |
| Climate-risk exposure assessment | Bank of Mongolia and World Bank | Sep 2025 | On end-2022 data, a small share of bank loans (around 4% in the report's classification) to agriculture, with dzud and drought exposure of 1–3% of the portfolio97 |
| Green financing resolution | Parliament Resolution No. 57 | Jun 2025 | Green loan rates of no more than 6% and revised Bank of Mongolia classification98 |
| Law on Climate Change | State Great Khural | Jul 2026 | Places green finance and the green taxonomy in law99 |
Green and sustainability bonds of Mongolian banks
| Issuer | Date | Amount | Terms and use of proceeds |
|---|---|---|---|
| Khan Bank | Mar 2023 | US$60 m | 5 years. IFC, FMO and MicroVest invested. Eligible uses include climate-smart agriculture100 |
| Khan Bank | Oct 2024 | US$30 m offering | Listed on the Mongolian Stock Exchange, with EBRD participation101 |
| Trade and Development Bank | Nov 2024 | Not disclosed | 5-year green and social bonds. Uses include sustainable agriculture102 |
| Golomt Bank | Jan 2025 | US$50 m | Green and social bond, 5 years at 8%, issued in the international market103 |
Source: IFC · EBRD · TDB · Golomt Bank — Amounts in US dollars as published by the issuers and investors.
Climate funds relevant to agriculture
| Project | Funder and entity | Amount | Dates |
|---|---|---|---|
| FP141 Improving adaptive capacity and risk management of rural communities | Green Climate Fund, UNDP | GCF grant US$23.1 m, total US$79.3 m | Approved 13 Nov 2020, to Feb 2028104 |
| FP154 Aimags and Soums Green Regional Development Investment Program (ASDIP) | Green Climate Fund, ADB | GCF US$175 m, total US$735 m | Approved 19 Mar 2021105 |
| FP153 Mongolia Green Finance Corporation | Green Climate Fund, XacBank | GCF US$26.65 m | Approved 13 Nov 2020, launched 20 Aug 2026105106 |
| Green Economy Financing Facility | EBRD, with GCF co-financing | US$137 m | Launched Jul 2023 with Khan Bank and XacBank107 |
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AI-assisted content, human-reviewed: This page was generated with the assistance of artificial intelligence and reviewed by a human editor. (last review: October 2026) Despite review, errors or outdated values may remain; please verify critical figures against the linked primary sources before relying on them. Nothing here is investment, legal or financial advice.
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