Overview: In 2019 Mongolia was the number 128 economy in the world in terms of GDP (current US$), the number 95 in total exports, the number 124 in total imports,
the number 114 economy in terms of GDP per capita (current US$) and the number 125 most complex economy according to the Economic Complexity Index (ECI).
In 2019, Mongolia exported a total of $8.17B, making it the number 95 exporter in the world. During the last five reported years the exports of Mongolia have changed by $1.97B from $6.2B in 2014 to $8.17B in 2019.
In 2019 Mongolia imported $6.23B, making it the number 124 trade destination in the world. During the last five reported years the imports of Mongolia changed by $755M from $5.47B in 2014 to $6.23B in 2019.
In 2018, Mongolia exported $1.1B worth of services. The top services exported by Mongolia in 2018 were Personal travel ($401M), Air transport ($203M), Miscellaneous business, professional, and technical services ($196M), Other transport ($151M), and Business travel ($44.3M).
The top services imported by Mongolia in 2018 were Personal travel ($852M), Miscellaneous business, professional, and technical services ($789M), Other transport ($761M), Construction in the compiling economy ($207M), and Air transport ($154M).
Mongolia has a high level of specialization in Animal Hair (691), Feldspar (288), Copper Ore (66.4), Coal Briquettes (53.2), and Zinc Ore (37.2). Specialization is measured using RCA, an index that takes the ratio between Mongolia observed and expected exports in each product.
The top export opportunities for Mongolia according to the relatedness index, are Uranium and Thorium Ore (0.072), Manganese Ore (0.07), Other Ores (0.067), Maté (0.061), and Raw Copper (0.06). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Mongolia is not specialized in.
The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products it is currently specialized in.
This network shows the products most related to the production structure of Mongolia. These are products that tend to be co-exported with the products that Mongolia exports. Higher relatedness values indicate greater knowledge, which predicts a greater probability of exporting that product in the future.
The Complexity-Relatedness diagram compares the risk and the strategic value of a country's potential export oppotunities.
Relatedness is a predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower emissions.
During the last 13 years Mongolia's economy has become relatively less complex, moving from the 114th to the 125th position in the ECI rank.
These economic complexity rankings use 6 digit exports classified according to the HS96 classification. We consider only countries with population of at least 1 million and exports of at least $1 billion, and products with world trade over $500 million. To explore different rankings and vary these parameters visit the custom rankings section.