TITLE:
Economic Impact of Mongolia’s Cashmere Export
AUTHORS:
Masgut Rysbyek, Su Lei
KEYWORDS:
Economic Impact of Mongolia’s Cashmere Export
JOURNAL NAME:
Modern Economy,
Vol.13 No.2,
February
23,
2022
ABSTRACT: This paper examines the economic impact of exporting
Cashmere by considering every aspect of the product’s performance in the global
market and the financial outcomes. The article begins by appraising the
cashmere industry’s development and the transition into the global export
market. This objective is achieved through a comparative analysis of cashmere
export and other country’s economic activities like livestock farming. The
contribution of cashmere export to the country’s GDP is cited as a significant
economic impact. The exporting of the commodity is the third-largest earner for
the country after gold and copper. This indicates the economic significance of
exporting Cashmere. The paper is based on primary research from distinct
participants through questionnaires and interviews, and analysis to interpret
the research findings. The article discusses the evolution of the cashmere
industry by examining government support and the growing demand for the
products as the factors that led to the emergence of the cashmere economy. This
casts a dark cloud over the sustainability of the many economic gains of
exporting Cashmere. The paper suggests developing a sound policy framework and
creating institutional frameworks to enhance the competitiveness of the
cashmere industry, hence guaranteeing the sustainability of the positive
economic impact accrued.