South Korea / Mongolia

Overview In October 2024, South Korea exported $51M and imported $4M from Mongolia, resulting in a positive trade balance of $47M. Between October 2023 and October 2024 the exports of South Korea have increased by $11.7M (29.8%) from $39.3M to $51M, while imports decreased by $-418k (-9.47%) from $4.42M to $4M.

Trade In October 2024, the top exports of South Korea to Mongolia were Machinery, mechanical appliances, & parts ($3.85M), Cars, tractors, trucks & parts thereof. ($3.41M), Tobacco & substitutes ($2.84M), Perfumery & cosmetics ($2.65M), and Electrical machinery and electronics ($1.43M). In October 2024 the top imports of South Korea from Mongolia were Ores, slag and ash ($2.56M), Salt, sulphur, cement, lime, stone, &... ($1.25M), Knitted clothing accesories ($348k), Animal originated products, n.e.s. ($252k), and Preparations of fish, crustacenas, & molluscs ($32k).

Growth In October 2024, the increase in South Korea's year-by-year exports to Mongolia was explained primarily by an increase in product exports in Machinery, mechanical appliances, & parts ($1.26M or 48.3%), Perfumery & cosmetics ($793k or 42.7%), and Rubber & articles thereof ($244k or 179%). In October 2024, the decrease in South Korea's year-by-year imports  from Mongolia was explained primarily by an decrease in product imports  in Iron & steel ($-201k or -100%), Books, newspapers, & other prints ($-122k or -85.9%), and Non-knitted clothing accesories ($-76k or -72.4%).