Mongolia2019 Economic Complexity : -1.09, Rank 125 of 146
2019 Product Exports | Imports: $8.17B | $6.23B, 95 of 225 | 124 of 225
2019 Per Capita Product Exports | Imports: $2.53k | $1.93k, 87 of 219 | 119 of 219
2019 Service Exports | Imports : $1.23B | $3.22B, 50 of 69 | 43 of 69
Overview In 2019 Mongolia was the number 128 economy in the world in terms of GDP (current US$), 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).
Exports The top exports of Mongolia are Coal Briquettes ($3.07B), Copper Ore ($1.79B), Gold ($1.04B), Iron Ore ($572M), and Crude Petroleum ($365M), exporting mostly to China ($6.59B), Switzerland ($700M), United Kingdom ($296M), Singapore ($155M), and Italy ($74.2M).
Imports The top imports of Mongolia are Refined Petroleum ($1.15B), Cars ($384M), Delivery Trucks ($383M), Large Construction Vehicles ($208M), and Planes, Helicopters, and/or Spacecraft ($165M), importing mostly from China ($1.95B), Russia ($1.78B), Japan ($594M), South Korea ($287M), and United States ($270M).
Top Export (2019): Coal Briquettes, $3.07B
Top Destination (2019): China, $6.59B
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.
The most recent exports are led by Coal Briquettes ($3.07B), Copper Ore ($1.79B), Gold ($1.04B), Iron Ore ($572M), and Crude Petroleum ($365M). The most common destination for the exports of Mongolia are China ($6.59B), Switzerland ($700M), United Kingdom ($296M), Singapore ($155M), and Italy ($74.2M).
Top Import (2019): Refined Petroleum, $1.15B
Top Origin (2019): China, $1.95B
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.
The most recent imports of Mongolia are led by Refined Petroleum ($1.15B), Cars ($384M), Delivery Trucks ($383M), Large Construction Vehicles ($208M), and Planes, Helicopters, and/or Spacecraft ($165M). The most common import partners for Mongolia are China ($1.95B), Russia ($1.78B), Japan ($594M), South Korea ($287M), and United States ($270M).
Fastest Growing Export Markets (2018 - 2019)
Fastest Growing Import Markets (2018 - 2019)
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).
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:
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 highest complexity exports of Mongolia according to the product complexity index (PCI) are Woven fabric of carded wool or fine animal hair (0.18), Prepared or preserved meat, meat offal and blood, nes (-0.047), Rape or colza seeds (-0.12), Yarn of fine animal hair, not retail (-0.51), and Retort carbon, coke or semi-coke of coal, lignite,peat (-0.57). 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 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.
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.