Overview In 2021, Mongolia was the number 126 economy in the world in terms of GDP (current US$), the number 95 in total exports, the number 129 in total imports, the number 128 economy in terms of GDP per capita (current US$) and the number 117 most complex economy according to the Economic Complexity Index (ECI) .

Exports The top exports of Mongolia are Copper Ore ($2.9B), Coal Briquettes ($2.74B), Gold ($2.11B), Iron Ore ($945M), and Animal Hair ($325M), exporting mostly to China ($7.64B), Switzerland ($1.97B), Singapore ($255M), South Korea ($221M), and Russia ($114M).

In 2021, Mongolia was the world's biggest exporter of Animal Hair ($325M)

Imports The top imports of Mongolia are Refined Petroleum ($1.01B), Cars ($420M), Delivery Trucks ($303M), Trailers and semi-trailers, not mechanically propelled vehicles ($204M), and Electricity ($161M), importing mostly from China ($2.5B), Russia ($1.81B), Japan ($484M), South Korea ($366M), and Germany ($199M).

Location Mongolia borders China and Russia by land.

Latest Trends

Latest Trade


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.

Subscribe today to OEC pro and access the latest data

Sign Up

Latest Data


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.

Subscribe today to OEC pro and access the latest data

Sign Up

Subscribe today to OEC pro and access the latest data

Sign Up

Historical Data

Yearly Trade

Top Export (2021)Copper Ore$2.9B
Top Destination (2021)China$7.64B

In 2021, Mongolia exported a total of $10.5B, making it the number 95 exporter in the world. During the last five reported years the exports of Mongolia have changed by $4.67B from $5.79B in 2016 to $10.5B in 2021.

The most recent exports are led by Copper Ore ($2.9B), Coal Briquettes ($2.74B), Gold ($2.11B), Iron Ore ($945M), and Animal Hair ($325M). The most common destination for the exports of Mongolia are China ($7.64B), Switzerland ($1.97B), Singapore ($255M), South Korea ($221M), and Russia ($114M).

Explore Visualizations

Exports (2021)
[Click to Select a Product]

Destinations (2021)
[Click to Select a Country]

Market Growth

Fastest Growing Export Markets (2020 - 2021)
China$2.23B (+ 41.2%)
South Korea$199M (+ 881%)
Singapore$103M (+ 68%)
Fastest Growing Import Markets (2020 - 2021)
China$643M (+ 34.6%)
Russia$426M (+ 30.7%)
Japan$125M (+ 34.8%)

Total Export Growth by Market (2020 - 2021)

Service Trade

Service Trade

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).

Service Exports (2019)

Service Imports (2019)

Economic Complexity


Economic Complexity (Trade)-1.23Rank 117 of 131
Economic Complexity (Technology)-1.74Rank 93 of 96
Economic Complexity (Research)-1.04Rank 120 of 140

Most Specialized Products by RCA Index

Mongolia has a high level of specialization in Animal Hair (860), Feldspar (184), Copper Ore (64.1), Molybdenum Ore (42.2), and Coal Briquettes (38.6). 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

The highest complexity exports of Mongolia according to the product complexity index (PCI) are Industrial or laboratory electric furnaces and ovens (including those functioning by induction... (1.53), Animal fats and oils and their fractions; whether or not refined, but... (0.4), Prepared or preserved meat, meat offal or blood (-0.11), Yarn of fine animal hair (carded or combed), not put up for... (-0.27), and Coke and semi-coke; of coal, lignite or peat, whether or not agglomerated;... (-0.65). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

Export Opportunities by Relatedness

The top export opportunities for Mongolia according to the relatedness index, were Tin Ores (0.069), Chromium Ore (0.06), Uranium and Thorium Ore (0.058), Raw Copper (0.056), and Manganese Ore (0.056). 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

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

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


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


During the last 20 years Mongolia's⁩ ⁨economy has become relatively less complex, moving from the ⁩⁨nullth to the 117th⁩ 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.

Explore Rankings

ECI Ranking by Country

Have questions, comments, or concerns?
Send us an e-mail: [email protected]
Follow @OECtoday on
Created, Designed, and Developed by:
In collaboration with