Research on Mongolian Cashmere Exports and its Impact on Economic Growth

Foreign trade plays a key role in the country's economic development. Exports play an important role in economic growth, and the country's goal is to diversify exports and develop comparatively advantageous products and services. Mongolia has a nomadic culture, with more than 30 percent of the population being herders. Goats account for 40 percent of the 70 million livestock and about 28 million. Agricultural-based exports, especially cashmere exports, need to be considered at the policy level. The main purpose of this study is to study the impact of exports on the economic development of Mongolia and the impact of the cashmere sector on export economic growth based on empirical research. Based on the data for 1991-2019, an econometric assessment will be conducted and analyzed based on the economic model. As a result of the estimation, exports have a positive impact on Mongolia's economic growth, as well as cashmere exports have a positive impact on economic growth. In addition, the findings and recommendations of the study include recommendations to support Mongolia's cashmere exports.