Observatory of Economic Complexity

Flag Mongolia

Econ Complexity (2018): -0.86, Rank 106 of 137

Product Exports (2018): $7.71B, Rank 99 of 222

Exports Per Capita (2018): $2.43k, Rank 75 of 219

Product Imports (2018): $5.76B, Rank 126 of 221

Imports Per Capita (2018): $1.82k, Rank 82 of 219

Service Exports (2018): $1.1B, Rank 65 of 88

Service Imports (2018): $2.99B, Rank 52 of 88

GDP (2018): $13.1B, CURRENT US$
Rank 133 of 196

GDP growth (2008 - 2018): 132%, CURRENT US$
Rank 16 of 196

GDP PC (2018): $4,122, CURRENT US$
Rank 120 of 196

GDP PC GROWTH (2008 - 2018): 92.9%, CURRENT US$
Rank 18 of 196

About

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Overview: In 2018 Mongolia was the number 133 economy in the world in terms of GDP (current US$), the number 99 in total exports, the number 126 in total imports, the number 120 economy in terms of GDP per capita (current US$) and the number 106 most complex economy according to the Economic Complexity Index (ECI)

Exports: The top exports of Mongolia are Coal Briquettes ($2.78B), Copper Ore ($2.01B), Gold ($870M), Crude Petroleum ($391M), and Iron Ore ($342M), exporting mostly to China ($6.36B), Switzerland ($727M), United Kingdom ($173M), Russia ($84.9M), and Italy ($73.7M).

Imports: The top imports of Mongolia are Refined Petroleum ($1.03B), Cars ($400M), Delivery Trucks ($251M), Electricity ($143M), and Large Construction Vehicles ($125M), importing mostly from China ($1.86B), Russia ($1.62B), Japan ($540M), South Korea ($308M), and United States ($177M).

Location: Mongolia borders China and Russia by land.

Product Trade

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Yearly Exports

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Value
Depth

Top Export (2018): Coal Briquettes, $2.78B

Top Destination (2018): China, $6.36B

In 2018, Mongolia exported a total of $7.71B, making it the number 99 exporter in the world. During the last five reported years the exports of Mongolia have changed by $3.11B from $4.59B in 2013 to $7.71B in 2018.

The most recent exports are led by Coal Briquettes ($2.78B), Copper Ore ($2.01B), Gold ($870M), Crude Petroleum ($391M), and Iron Ore ($342M). The most common destination for the exports of Mongolia are China ($6.36B), Switzerland ($727M), United Kingdom ($173M), Russia ($84.9M), and Italy ($73.7M).

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Yearly Imports

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Value
Depth

Top Import (2018): Refined Petroleum, $1.03B

Top Origin (2018): China, $1.86B

In 2018 Mongolia imported $5.76B, making it the number 126 trade destination in the world. During the last five reported years the imports of Mongolia changed by -$745M from $6.5B in 2013 to $5.76B in 2018.

The most recent imports of Mongolia are led by Refined Petroleum ($1.03B), Cars ($400M), Delivery Trucks ($251M), Electricity ($143M), and Large Construction Vehicles ($125M). The most common import partners for Mongolia are China ($1.86B), Russia ($1.62B), Japan ($540M), South Korea ($308M), and United States ($177M).

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Monthly Trade

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Market Growth

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Flow

Fastest Growing Export Markets (2017 - 2018)

Fastest Growing Import Markets (2017 - 2018)

Service Trade

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Service Trade

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Mongolia Exports Services (2018): $1.1B

Mongolia Imports Services (2018): $2.99B

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).

Forecasts

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Trade Forecasts

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This section shows forecasts for total product exports and imports for Mongolia. The forecast is based in a long short-term memory model or LSTM constructed using yearly trade data.

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Tariffs

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Tariffs by Product

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The top product import tariffs by their MFN Ad Valorem value for Mongolia are Liqueurs and cordials (40%) and Vodka (40%).

Click any of the products in the bar chart to see the specific Ad Valorem Duty Rates by partner country.

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*The tariffs applied to imports for Mongolia are:
136: Most Favoured Nation duty rate treatement
246: Preferential tariff for Japan

Economic Complexity

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Economic Complexity Ranking

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Scale

During the last 12 years Mongolia's⁩ ⁨economy has become relatively más complex, moving from the ⁩⁨116th to the 106th⁩ 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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Most Specialized Products by RCA Index

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Mongolia has a high level of specialization in Animal Hair (699), Horse Meat (300), Feldspar (296), Copper Ore (74.8), and Coal Briquettes (46.7). Specialization is measured using RCA, an index that takes the ratio between Mongolia observed and expected exports in each product.

Most Complex Products by PCI

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The highest complexity exports of Mongolia according to the product complexity index (PCI) are Photographic cameras (except cine), accessories (0.31), Railway passenger and special purpose coaches (0.21), Woven fabric of carded wool or fine animal hair (0.16), Prepared or preserved meat, meat offal and blood, nes (-0.038), and Rape or colza seeds (-0.16). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

Export Opportunities by Relatedness

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The top export opportunities for Mongolia according to the relatedness index, are Uranium and Thorium Ore (0.088), Other Ores (0.079), Manganese Ore (0.075), Chromium Ore (0.073), and Maté (0.07). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Mongolia is not specialized in.

Product Space

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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.

Diversification Frontier

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Depth

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.

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