2022
Flag  
GDP
$1.67TCURRENT US$
Rnk 13 / 186
2012-2022
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GDP GROWTH
30.3%CURRENT US$
Rnk 100 / 186
2022
Flag
 GDP
$16.8BCURRENT US$
Rnk 126 / 186
2012-2022
Flag
GDP GROWTH
36.8%CURRENT US$
Rnk 90 / 186
2022
Flag
GDP PC 
$32,255CURRENT US$
Rnk 33 / 186
2012-2022
Flag
GDP PC GROWTH
26.7%CURRENT US$
Rnk 70 / 186
2022
Flag
GDP PC
$4,947CURRENT US$
Rnk 112 / 186
2012-2022
Flag
GDP PC GROWTH
12.4%CURRENT US$
Rnk 107 / 186

About

South Korea-Mongolia Trade: In 2022, South Korea exported $437M to Mongolia. The main products that South Korea exported to Mongolia were Rolled Tobacco ($36.7M), Beauty Products ($24M), and Refined Petroleum ($21.5M). Over the past 5 years the exports of South Korea to Mongolia have increased at an annualized rate of 13.8%, from $229M in 2017 to $437M in 2022.

In 2022, South Korea did not export any services to Mongolia.

Mongolia-South Korea Trade: In 2022, Mongolia exported $259M to South Korea. The main products that Mongolia exported to South Korea were Coal Briquettes ($150M), Gold ($76.2M), and Molybdenum Ore ($8.91M). Over the past 5 years the exports of Mongolia to South Korea have increased at an annualized rate of 75.3%,  from $15.6M in 2017 to $259M in 2022.

In 2022, Mongolia did not export any services to South Korea.

Comparison: In 2022,  South Korea ranked 4 in the Economic Complexity Index (ECI 1.78), and 5 in total exports ($705B). That same year, Mongolia ranked 120 in the Economic Complexity Index (ECI -1.26), and 94 in total exports ($13.6B).

Historical Data

Bilateral Trade by Products

Depth
Value

In 2022, South Korea exported $437M to Mongolia. The main products exported from South Korea to Mongolia were Rolled Tobacco ($36.7M), Beauty Products ($24M), and Refined Petroleum ($21.5M). During the last 5 years the exports of South Korea to Mongolia have increased at an annualized rate of 13.8%, from $229M in 2017 to $437M in 2022.

In 2017, Mongolia exported $259M to South Korea. The main products exported from Mongolia to South Korea were Coal Briquettes ($150M), Gold ($76.2M), and Molybdenum Ore ($8.91M). During the last 5 years the exports of Mongolia to South Korea have increased at an annualized rate of 75.3%, from $15.6M in 2022 to $259M in 2017.

Exports from South Korea (Flag) to Mongolia (Flag) (2022)

Exports from Mongolia (Flag) to South Korea (Flag) (2022)

Market Competitiveness

Color
South Korea
Top Destination
China$150B
Mongolia
Top Destination
China$10.6B

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

In 2022, countries that imported more from South Korea than Mongolia included China ($150B), United States ($112B), and Vietnam ($60.7B).

In 2022, countries that imported more from Mongolia than South Korea included Switzerland ($1.98B).

Difference in imports from Mongolia (Flag) and South Korea (Flag) (2022)

Comparative Advantage South Korea - Mongolia

Flow
Scale

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

During 2022, South Korea had a large net trade with Mongolia in the exports of Foodstuffs ($108M), Machines ($79.3M), and Chemical Products ($72.9M).

During 2017, Mongolia had a large net trade with South Korea in the exports of Mineral Products ($160M), Precious Metals ($76.3M), and Textiles ($14.2M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential South Korea Mongolia+$24.9MRefined Petroleum
Top Product Potential Mongolia South Korea+$116MCoal Briquettes

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 South Korea and Mongolia. This means that a dot/product with the flag of South Korea indicates it has a comparative advantage over Mongolia. Similarly, a dot/product with the flag of Mongolia indicates it has a comparative advantage over South Korea.

Product Space of South Korea (Flag) and Mongolia (Flag) (2022)

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