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Mongolia First-Quarter Exports Decline 7.8%, Imports Drop 17.3%

April 11 (Bloomberg) -- Mongolia’s exports declined 7.8 percent in the first quarter from a year earlier and imports fell 17.3 percent, the National Statistics Office said today.

Exports totaled $809.2 million in the first three months of this year, falling by $68.6 million from a year earlier, and imports were $1.2 billion, down $252.9 million, according to the statistics bureau.

Mongolia’s central bank cut interest rates from April 8 for the second time this year after economic growth moderated to 12.3 percent last year from a record 17.3 percent in 2011. Growth slowed after the price of coal, Mongolia’s biggest export, declined and additional controls on foreign ownership of mining assets introduced by government last year led to a 17 percent decline in 2012 foreign investment.

The nation’s annual exports fell 9 percent last year to $4.38 billion as imports rose 2.1 percent to $6.74 billion, according to the statistics office.

To contact the reporter on this story: Michael Kohn in Ulaanbaatar at mkohn5@bloomberg.net

To contact the editor responsible for this story: John Liu at jliu42@bloomberg.net

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