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2023
Flag → Flag
Exports $26.9MRnk 148 / 220
2023
Flag → Flag
Top Product $5.27MRefined Petroleum
2023
Flag → Flag
Exports $363kRnk 36 / 101
2023
Flag → Flag
Top Product $233kKnit Sweaters
2023
Flag
Economic Complexity (ECI) ECI 1.23Rnk 20 / 132
2023
Flag
Economic Complexity (ECI) ECI -1.32Rnk 123 / 132
2023
Flag  
GDP$645BCURRENT US$
Rnk 23 / 195
2013-2023
Flag
GDP GROWTH23%CURRENT US$
Rnk 132 / 195
2023
Flag
 GDP$20.3BCURRENT US$
Rnk 120 / 195
2013-2023
Flag
GDP GROWTH61.5%CURRENT US$
Rnk 51 / 195
2023
Flag
GDP PC $54,701CURRENT US$
Rnk 20 / 195
2013-2023
Flag
GDP PC GROWTH16.5%CURRENT US$
Rnk 113 / 195
2023
Flag
GDP PC$5,839CURRENT US$
Rnk 116 / 196
2013-2023
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GDP PC GROWTH34.5%CURRENT US$
Rnk 70 / 195

About

Belgium-Mongolia Trade: In 2023, Belgium exported $26.9M to Mongolia. The main products that Belgium exported to Mongolia were Refined Petroleum ($5.27M), Orthopedic Appliances ($4.21M), and Apples and Pears ($2.73M). Over the past 5 years the exports of Belgium to Mongolia have increased at an annualized rate of 10.8%, from $16.1M in 2018 to $26.9M in 2023.

In 2023, Belgium did not export any services to Mongolia.

Mongolia-Belgium Trade: In 2023, Mongolia exported $363k to Belgium. The main products that Mongolia exported to Belgium were Knit Sweaters ($233k), Other Knit Clothing Accessories ($12.6k), and Musical Instrument Parts ($11.7k). Over the past 5 years the exports of Mongolia to Belgium have decreased at an annualized rate of 3.21%,  from $428k in 2018 to $363k in 2023.

In 2023, Mongolia did not export any services to Belgium.

Comparison: In 2023,  Belgium ranked 20 in the Economic Complexity Index (ECI 1.23), and 13 in total exports ($437B). That same year, Mongolia ranked 123 in the Economic Complexity Index (ECI -1.32), and 89 in total exports ($14.3B).

Latest Trends

October, 2024

About

Overview In October 2024, Belgium exported €894k and imported €30.6k from Mongolia, resulting in a positive trade balance of €864k. Between October 2023 and October 2024 the exports of Belgium have decreased by €-1.65M (-64.9%) from €2.55M to €894k, while imports increased by €213 (0.7%) from €30.4k to €30.6k.

Trade In October 2024, the top exports of Belgium to Mongolia were Edible fruits, nuts & fruit peels (€195k), Optical, photo, & film equipment; medical... (€194k), Pharmaceutical products (€95.6k), Edible products of animal origin, n.e.s. (€78.5k), and Machinery, mechanical appliances, & parts (€33.7k). In October 2024 the top imports of Belgium from Mongolia were Knitted clothing accesories (€2.36k), Machinery, mechanical appliances, & parts (€2.22k), Books, newspapers, & other prints (€2.05k), Used clothes & textile articles (€610), and Electrical machinery and electronics (€32).

Growth In October 2024, the decrease in Belgium's year-by-year exports to Mongolia was explained primarily by an decrease in product exports in Machinery, mechanical appliances, & parts (€-165k or -83%) and Rubber & articles thereof (€-2k or -98.7%). In October 2024, the increase in Belgium's year-by-year imports  from Mongolia was explained primarily by an increase in product imports  in .

Latest Trade

Time Scale
Flow
Value
Depth
EXPORT GROWTH (October 2023 - October 2024)€-1.65M(-64.9%)
IMPORT GROWTH (October 2023 - October 2024)€213(0.7%)

This section shows exports and imports data at subnational level for Belgium. Click any date in the line plot or any product to explore the exports or imports behavior of Belgium over time.

To check Mongolia and Belgium trade dynamics, check the bilateral page.

For full datasets download visit Bulk Download page.

Explore Mongolia and Belgium Data

Go to Bulk Download

Historical Data

Bilateral Trade by Products

Depth
Value

In 2023, Belgium exported $26.9M to Mongolia. The main products exported from Belgium to Mongolia were Refined Petroleum ($5.27M), Orthopedic Appliances ($4.21M), and Apples and Pears ($2.73M). During the last 5 years the exports of Belgium to Mongolia have increased at an annualized rate of 10.8%, from $16.1M in 2018 to $26.9M in 2023.

In 2018, Mongolia exported $363k to Belgium. The main products exported from Mongolia to Belgium were Knit Sweaters ($233k), Other Knit Clothing Accessories ($12.6k), and Musical Instrument Parts ($11.7k). During the last 5 years the exports of Mongolia to Belgium have decreased at an annualized rate of 3.21%, from $428k in 2023 to $363k in 2018.

Exports from Belgium (Flag) to Mongolia (Flag) (2023)

Exports from Mongolia (Flag) to Belgium (Flag) (2023)

Market Competitiveness

Color
Belgium
Top DestinationFrance$85.6B
Mongolia
Top DestinationChina$13.1B

This map shows whether countries import more from Belgium or Mongolia. Each country is colored based on the difference in imports they receive from Belgium and Mongolia or the difference in the growth in imports.

In 2023, countries that imported more from Belgium than Mongolia included France ($85.6B), Netherlands ($67.3B), and Germany ($60.8B).

In 2023, countries that imported more from Mongolia than Belgium included China ($13.1B).

Difference in imports from Mongolia (Flag) and Belgium (Flag) (2023)

Comparative Advantage Belgium - Mongolia

Flow
Scale

This chart compares trade between Belgium and Mongolia by product, considering products traded by both, Belgium and Mongolia.

During 2023, Belgium had a large net trade with Mongolia in the exports of Machines ($5.76M), Mineral Products ($5.27M), and Instruments ($5.11M).

During 2018, Mongolia had a large net trade with Belgium in the exports of Textiles ($287k), Metals ($20.8k), and Instruments ($11.7k).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential Belgium Mongolia+$2.31MVaccines, blood, antisera, toxins and cultures
Top Product Potential Mongolia Belgium+$351kKnit Sweaters

We estimate the export potential of an economy for each product and destination using an extension of the bilateral relatedness model of Jun et al. (2019).This extended gravity model considers similarities among products and geographies and explains more than 50% of the variance in future trade flows.

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Economic Complexity

Competitive Landscape

This visualization shows the product space at the HS4 level with the flags of Belgium and Mongolia. This means that a dot/product with the flag of Belgium indicates it has a comparative advantage over Mongolia. Similarly, a dot/product with the flag of Mongolia indicates it has a comparative advantage over Belgium.

Product Space of Belgium (Flag) and Mongolia (Flag) (2023)

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