Overview In 2020 Mongolia was the number 130 economy in the world in terms of GDP (current US$), the number 92 in total exports, the number 130 in total imports, the number 120 economy in terms of GDP per capita (current US$) 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).

Location Mongolia borders China and Russia by land.

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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.

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Data is presented based on data availability. Only countries using the Harmonic System (HS) are selected. Every source is shown using their own latest twelve months of data.

*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.

Historical Data

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Top Export (2020): Gold, $2.69B

Top Destination (2020): China, $1.89B

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).

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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).

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.

*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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Most Specialized Products by RCA Index

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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.

Most Complex Products by PCI

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The highest complexity exports of Mongolia according to the product complexity index (PCI) are Woven fabric of carded wool or fine animal hair (0.2), Prepared or preserved meat, meat offal and blood, nes (-0.19), Rape or colza seeds (-0.34), Molybdenum ores and concentrates (-0.73), and Yarn of fine animal hair, not retail (-0.91). 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 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.

Relatedness Space

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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.

Diversification Frontier

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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.

Economic Complexity Ranking

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During the last 13 years Mongolia's⁩ ⁨economy has become relatively less complex, moving from the ⁩⁨104th 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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