2023
Exports
$20.1kWorld Rnk 208 / 219
Flag Rnk 70 / 86
2023
PRODUCT COMPLEXITY IN Iron & steel
1.66Rnk 26 / 1025
2023
Imports
$174MWorld Rnk 122 / 224
Flag Rnk 6 / 96
2023
ECONOMIC COMPLEXITY of Mongolia
-1.32Rnk 123 / 132

About

Exports In 2023, Mongolia exported $20.1k in Iron & steel, making it the 208th largest exporter of Iron & steel in the world. At the same year, Iron & steel was the 70th most exported product in Mongolia. The main destination of Iron & steel exports from Mongolia are: Burkina Faso ($7.38k), United Kingdom ($5.52k), United Arab Emirates ($4.72k), and Slovenia ($2.53k).

The fastest growing export markets for Iron & steel of Mongolia between 2022 and 2023 were Burkina Faso ($7.38k), United Kingdom ($5.52k), and United Arab Emirates ($4.72k).

Imports In 2023, Mongolia imported $174M in Iron & steel, becoming the 122nd largest importer of Iron & steel in the world. At the same year, Iron & steel was the 6th most imported product in Mongolia. Mongolia imports Iron & steel primarily from: China ($173M), Australia ($303k), Turkey ($211k), Japan ($110k), and Lithuania ($107k).

The fastest growing import markets in Iron & steel for Mongolia between 2022 and 2023 were Australia ($239k), Lithuania ($107k), and Turkey ($94.6k).

Latest Trends

Dec 2024

Subnational Monthly Trade

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Flow
Y-AXIS SCALE

For a full breakdown of trade patterns, visit the trend explorer or the product in country profile.

The following visualization shows the latest trends on Iron & steel. Countries are shown based on data availability.

* Using January 2020 exchange rates when trade data is reported in local currency.

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Historical Data

Trade Balance

Color
EXPORTS (2023)$20.1k
IMPORTS (2023)$174M
NET TRADE (2023)-$174M

In 2023, Mongolia exported $20.1k in Iron & steel. The main destinations of Mongolia exports on Iron & steel were Burkina Faso ($7.38k), United Kingdom ($5.52k), United Arab Emirates ($4.72k), and Slovenia ($2.53k).

In 2023, Mongolia imported $174M in Iron & steel, mainly from China ($173M), Australia ($303k), Turkey ($211k), Japan ($110k), and Lithuania ($107k).

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Export Destinations (2023)

Import Origins (2023)

Market Growth

Flow
THE FASTEST GROWING Iron & steel EXPORT MARKETS FOR Mongolia WERE (2022 - 2023):
Burkina Faso$7.38k (1%)
United Kingdom$5.52k (1%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Iron & steel BY Mongolia WERE (2022 - 2023):
South Korea-$331k (-100%)
Slovenia-$5.62k (-68.9%)
Togo-$531 (-100%)

Change in Exports by Market (2022 - 2023)

Market Concentration

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Flow
Type
In 2023, Mongolia's main exporting competitors in Iron & steel were:
China $66.2B
Germany $32.6B
Japan $31.6B
In 2023, Mongolia's main importing competitors in Iron & steel were:

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Trade Value of Iron & steel by Exporters

Potential Exports

Potential Exports

Flow
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TOP EXPORT POTENTIALSouth Korea+ $154k
TOP IMPORT POTENTIALChina+ $16.3M

Iron & steel’s highest export potential is South Korea. With an export gap of $154k.   Iron & steel’s highest import potential is China with an import gap of $16.3M.

See methodology.

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