Finland (FIN) and Mongolia (MNG) Trade | The Observatory of Economic Complexity

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Finland-Mongolia Trade: In 2023, Finland exported $37.1M to Mongolia. The main products that Finland exported to Mongolia were Centrifuges ($7.71M), Prefabricated Buildings ($6.21M), and Large Construction Vehicles ($3.37M). Over the past 5 years the exports of Finland to Mongolia have increased at an annualized rate of 17.9%, from $16.3M in 2018 to $37.1M in 2023.

In 2023, Finland did not export any services to Mongolia.

Mongolia-Finland Trade: In 2023, Mongolia exported $22.8M to Finland. The main products that Mongolia exported to Finland were Precious Metal Ore ($22.7M), Prefabricated Buildings ($31.5k), and Knit Sweaters ($10.8k). Over the past 5 years the exports of Mongolia to Finland have increased at an annualized rate of 60.6%, from $200k in 2018 to $22.8M in 2023.

In 2023, Mongolia did not export any services to Finland.

Comparison: In 2023, Finland ranked 13 in the Economic Complexity Index (ECI 1.46), and 45 in total exports ($84.3B). That same year, Mongolia ranked 123 in the Economic Complexity Index (ECI -1.32), and 89 in total exports ($14.3B).

Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2023, Finland exported $37.1M to Mongolia. The main products exported from Finland to Mongolia were Centrifuges ($7.71M), Prefabricated Buildings ($6.21M), and Large Construction Vehicles ($3.37M). During the last 5 years the exports of Finland to Mongolia have increased at an annualized rate of 17.9%, from $16.3M in 2018 to $37.1M in 2023.

In 2018, Mongolia exported $22.8M to Finland. The main products exported from Mongolia to Finland were Precious Metal Ore ($22.7M), Prefabricated Buildings ($31.5k), and Knit Sweaters ($10.8k). During the last 5 years the exports of Mongolia to Finland have increased at an annualized rate of 60.6%, from $200k in 2023 to $22.8M in 2018.

Exports from Finland () to Mongolia () (2023)

Exports from Mongolia () to Finland () (2023)

Latest Data

Trade between Finland () and Mongolia ()

Finland Exports

Date

Mongolia Exports

Date

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Finland
Top DestinationUnited States$9.68B

Mongolia
Top DestinationChina$13.1B

This map shows whether countries import more from Finland or Mongolia. Each country is colored based on the difference in imports they receive from Finland and Mongolia or the difference in the growth in imports.

In 2023, countries that imported more from Finland than Mongolia included United States ($9.68B), Germany ($9.26B), and Sweden ($8.13B).

In 2023, countries that imported more from Mongolia than Finland included China ($13.1B).

Difference in imports from Mongolia () and Finland () (2023)

Comparative Advantage Finland - Mongolia

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

This chart compares trade between Finland and Mongolia by product, considering products traded by both, Finland and Mongolia.

During 2023, Finland had a large net trade with Mongolia in the exports of Machines ($23.4M), Miscellaneous ($6.56M), and Transportation ($3.22M).

During 2018, Mongolia had a large net trade with Finland in the exports of Mineral Products ($22.7M), Miscellaneous ($31.5k), and Textiles ($22k).

Potential Exports

Depth

Section

HS2

HS4

View

Top 20

Top 15

Top 10

Sort By

Highest Potential

Most Saturated

Section

Top Product Potential Finland Mongolia+$749kDelivery Trucks

Top Product Potential Mongolia Finland+$118kFeldspar

We estimate the export potential of an economy for each product and destination using an extension of the bilateral relatedness model of Jun et al. (2019).This extended gravity model considers similarities among products and geographies and explains more than 50% of the variance in future trade flows.

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Economic Complexity

Competitive Landscape

Year

This visualization shows the product space at the HS4 level with the flags of Finland and Mongolia. This means that a dot/product with the flag of Finland indicates it has a comparative advantage over Mongolia. Similarly, a dot/product with the flag of Mongolia indicates it has a comparative advantage over Finland.

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Historical Data

Bilateral Trade by Products

Exports from Finland () to Mongolia () (2023)

Exports from Mongolia () to Finland () (2023)

Latest Data

Trade between Finland () and Mongolia ()

Finland Exports

Mongolia Exports

Market Competitiveness

Difference in imports from Mongolia () and Finland () (2023)

Comparative Advantage Finland - Mongolia

Potential Exports

Potential Exports

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Economic Complexity

Competitive Landscape

Product Space of Finland () and Mongolia () (2023)

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