Editing Economy of Mongolia (section)

===Socialist era===
{{Main|Economy of the People's Republic of Mongolia}}
The rapid political changes of 1990–91 marked the beginning of Mongolia's efforts to develop a [[market economy]], but these efforts have been complicated and disrupted by the dissolution and continuing deterioration of the economy of the former [[Soviet Union]]. Prior to 1991, 80% of Mongolia's trade was with the [[former Soviet Union]], and 15% was with other [[Council for Mutual Economic Assistance]] (CMEA) countries. Mongolia was heavily dependent upon the former Soviet Union for fuel, medicine, and spare parts for its factories and power plants.{{Citation needed|date=May 2021}}

The former Soviet Union served as the primary market for Mongolian industry. In the 1980s, Mongolia's industrial sector became increasingly important. By 1989, it accounted for an estimated 34% of material products, compared to 18% from [[Agriculture in Mongolia|agriculture]]. However, minerals, animals, and animal-derived products still constitute a large proportion of the country's exports. Principal imports included machinery, [[petroleum]], cloth, and building materials.

In the late 1980s, the government began to improve links with non-[[communist]] [[Asia]] and [[Western world|the West]], and [[tourism in Mongolia]] developed. As of 1 January 1991, Mongolia and the former Soviet Union agreed to conduct bilateral trade in [[hard currency]] at world prices.

Despite its external trade difficulties, Mongolia has continued to press ahead with reform. [[Privatization]] of small shops and enterprises has largely been completed in the 1990s, and most prices have been freed. Privatization of large state enterprises has begun. [[Tax reform]]s also have begun, and the barter and official exchange rates were unified in late 1991.