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2022
Flag → Flag
Exports $1.11kRnk 79 / 0
2022
Flag → Flag
Exports $18.6kRnk 64 / 101
2022
Flag → Flag
Top Product $16.7kRefined Petroleum
2023
Flag
Economic Complexity (ECI) ECI -1.32Rnk 123 / 132
2023
Flag  
GDP$31.3BCURRENT US$
Rnk 107 / 195
2013-2023
Flag
GDP GROWTH94.3%CURRENT US$
Rnk 17 / 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 $79,637CURRENT US$
Rnk 11 / 195
2013-2023
Flag
GDP PC GROWTH59.9%CURRENT US$
Rnk 31 / 195
2023
Flag
GDP PC$5,839CURRENT US$
Rnk 116 / 196
2013-2023
Flag
GDP PC GROWTH34.5%CURRENT US$
Rnk 70 / 195

About

Iceland-Mongolia Trade: In 2022, Iceland exported $1.11k to Mongolia. The main products that Iceland exported to Mongolia were N/A. Over the past 6 years the exports of Iceland to Mongolia have decreased at an annualized rate of 47.9%, from $55.7k in 2016 to $1.11k in 2022.

In 2022, Iceland did not export any services to Mongolia.

Mongolia-Iceland Trade: In 2022, Mongolia exported $18.6k to Iceland. The main products that Mongolia exported to Iceland were Refined Petroleum ($16.7k), Knit Sweaters ($753), and Other Knit Clothing Accessories ($437). Over the past 6 years the exports of Mongolia to Iceland have decreased at an annualized rate of 29.9%,  from $110k in 2016 to $18.6k in 2022.

In 2022, Mongolia did not export any services to Iceland.

Comparison In 2023,  Iceland ranked 115 in total exports ($7.31B), and does not have data regarding Economic Complexity Index. That same year, Mongolia ranked 123 in the Economic Complexity Index (ECI -1.32), and 89 in total exports ($14.3B).

Historical Data

Bilateral Trade by Products

Depth
Value

In 2022, Iceland exported $1.11k to Mongolia. There were not main exports from Iceland to Mongolia in 2022. During the last 6 years the exports of Iceland to Mongolia have decreased at an annualized rate of 47.9%, from $55.7k in 2016 to $1.11k in 2022.

In 2018, Mongolia exported $18.6k to Iceland. The main products exported from Mongolia to Iceland were Refined Petroleum ($16.7k), Knit Sweaters ($753), and Other Knit Clothing Accessories ($437). During the last 5 years the exports of Mongolia to Iceland have decreased at an annualized rate of 29.9%, from $110k in 2023 to $18.6k in 2018.

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

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

Latest Data

Trade between Iceland (Flag) and Mongolia (Flag)

Iceland Exports

Mongolia Exports

Date

Market Competitiveness

Color
Iceland
Top DestinationNetherlands$1.97B
Mongolia
Top DestinationChina$13.1B

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

In 2023, countries that imported more from Iceland than Mongolia included Netherlands ($1.97B), Germany ($771M), and United States ($735M).

In 2023, countries that imported more from Mongolia than Iceland included China ($13.1B), Switzerland ($842M), and Thailand ($67.1M).

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

Comparative Advantage Iceland - Mongolia

Flow
Scale

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

During 2022, Iceland had a large net trade with Mongolia in the exports of .

During 2018, Mongolia had a large net trade with Iceland in the exports of Mineral Products ($16.7k), Textiles ($1.42k), and Plastics and Rubbers ($286).

Economic Complexity

Competitive Landscape

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

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

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