Mongolia2020 Economic Complexity : -1.24, Rank 113 of 127
2020 Product Exports | Imports: $8.47B | $5.3B, 92 of 226 | 130 of 226
2020 Per Capita Product Exports | Imports: $2.58k | $1.62k, 79 of 219 | 120 of 219
2019 Service Exports | Imports : $1.23B | $3.22B, 87 of 108 | 74 of 108
Overview In 2020, Mongolia was the number 131 economy in the world in terms of GDP (current US$), the number 92 in total exports, the number 130 in total imports, the number 127 economy in terms of GDP per capita (current US$) and the number 113 most complex economy according to the Economic Complexity Index (ECI).
Exports The top exports of Mongolia are Gold ($2.69B), Coal Briquettes ($2.12B), Copper Ore ($1.78B), Iron Ore ($635M), and Animal Hair ($234M), exporting mostly to China ($5.4B), Switzerland ($2.58B), Singapore ($152M), United Kingdom ($85.2M), and Russia ($58.7M).
In 2020, Mongolia was the world's biggest exporter of Animal Hair ($234M)
Imports The top imports of Mongolia are Refined Petroleum ($780M), Cars ($297M), Delivery Trucks ($221M), Electricity ($142M), and Iron Railway Products ($98.2M), importing mostly from China ($1.89B), Russia ($1.39B), Japan ($358M), South Korea ($268M), and United States ($226M).
The following section uses the most recent trade data from partners of Mongolia.
Disclaimer: data is presented based on availability and only countries that use the harmonized system are being shown.
*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.
The data obtained is mirror data. The trade of countries that do not report current data can be reconstructed based on data reported by partner countries with current data available.
*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.
The data obtained is mirror data. The trade of countries that do not report current data can be reconstructed based on data reported by partner countries with current data available.
*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.
In 2020, Mongolia exported a total of $8.47B, making it the number 92 exporter in the world. During the last five reported years the exports of Mongolia have changed by $3.27B from $5.2B in 2015 to $8.47B in 2020.
The most recent exports are led by Gold ($2.69B), Coal Briquettes ($2.12B), Copper Ore ($1.78B), Iron Ore ($635M), and Animal Hair ($234M). The most common destination for the exports of Mongolia are China ($5.4B), Switzerland ($2.58B), Singapore ($152M), United Kingdom ($85.2M), and Russia ($58.7M).
Fastest Growing Export Markets (2019 - 2020)
Fastest Growing Import Markets (2019 - 2020)
Mongolia Exports Services (2019): $1.23B
Mongolia Imports Services (2019): $3.22B
In 2019, Mongolia exported $1.23B worth of services. The top services exported by Mongolia in 2019 were Personal travel ($464M), Transportation ($389M), Other business services ($226M), Computer and information services ($50.1M), and Business travel ($49.3M).
The top services imported by Mongolia in 2019 were Transportation ($983M), Personal travel ($917M), Other business services ($772M), Financial services ($212M), and Construction services ($146M).
Mongolia has a high level of specialization in Feldspar (223), Copper Ore (56.8), Coal Briquettes (44), Molybdenum Ore (29.5), and Precious Metal Ore (25.2). Specialization is measured using RCA, an index that takes the ratio between Mongolia observed and expected exports in each product.
The highest complexity exports of Mongolia according to the product complexity index (PCI) are Carded Wool or Animal Hair Fabric (0.2), Other Prepared Meat (-0.19), Rapeseed (-0.34), Molybdenum Ore (-0.73), and Non-Retail Animal Hair Yarn (-0.91). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.
The top export opportunities for Mongolia according to the relatedness index, are Manganese Ore (0.068), Other Ores (0.062), Uranium and Thorium Ore (0.061), Chromium Ore (0.061), and Tin Ores (0.057). 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 a country currently specializes in.
The Complexity-Relatedness diagram compares the risk vs strategic value of a country's potential export oppotunities. Relatedness is 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 greenhouse emissions.
During the last 20 years Mongolia's economy has become relatively less complex, moving from the nullth to the 113th 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.
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