Iceland (ISL) and Mongolia (MNG) Trade | The Observatory of Economic Complexity

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Iceland-Mongolia Trade: In 2022, Iceland exported $1.08k to Mongolia. The main products that Iceland exported to Mongolia were Natural Polymers ($566), Other toys ($323), and Coconuts, Brazil Nuts, and Cashews ($186). Over the past 6 years the exports of Iceland to Mongolia have decreased at an annualized rate of 48.2%, from $55.7k in 2016 to $1.08k in 2022.

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

Mongolia-Iceland Trade: In 2022, Mongolia exported $12.4k to Iceland. The main products that Mongolia exported to Iceland were Awnings, Tents, and Sails ($5.99k), Office Machine Parts ($2.87k), and String Instruments ($1.18k). Over the past 6 years the exports of Mongolia to Iceland have decreased at an annualized rate of 15.2%, from $28.2k in 2016 to $12.4k in 2022.

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

Comparison In 2022, Iceland ranked 116 in total exports ($7.31B), and does not have data regarding Economic Complexity Index. 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

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2022, Iceland exported $1.08k to Mongolia. The main products exported from Iceland to Mongolia were Natural Polymers ($566), Other toys ($323), and Coconuts, Brazil Nuts, and Cashews ($186). During the last 6 years the exports of Iceland to Mongolia have decreased at an annualized rate of 48.2%, from $55.7k in 2016 to $1.08k in 2022.

In 2017, Mongolia exported $12.4k to Iceland. The main products exported from Mongolia to Iceland were Awnings, Tents, and Sails ($5.99k), Office Machine Parts ($2.87k), and String Instruments ($1.18k). During the last 5 years the exports of Mongolia to Iceland have decreased at an annualized rate of 15.2%, from $28.2k in 2022 to $12.4k in 2017.

Exports from Iceland () to Mongolia () (2022)

Exports from Mongolia () to Iceland () (2022)

Latest Data

Trade between Iceland () and Mongolia ()

Iceland Exports

Date

Mongolia Exports

Date

Mar 2019

Jun 2018

Mar 2017

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Iceland
Top DestinationNetherlands$1.97B

Mongolia
Top DestinationChina$10.6B

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 2022, countries that imported more from Iceland than Mongolia included Netherlands ($1.97B), United Kingdom ($672M), and United States ($613M).

In 2022, countries that imported more from Mongolia than Iceland included China ($10.6B), Switzerland ($1.98B), and Singapore ($346M).

Difference in imports from Mongolia () and Iceland () (2022)

Comparative Advantage Iceland - Mongolia

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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 Plastics and Rubbers ($566), Miscellaneous ($323), and Vegetable Products ($186).

During 2017, Mongolia had a large net trade with Iceland in the exports of Textiles ($7.62k), Machines ($2.87k), and Instruments ($1.18k).

Potential Exports

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Economic Complexity

Competitive Landscape

Year

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.

About

Historical Data

Bilateral Trade by Products

Exports from Iceland () to Mongolia () (2022)

Exports from Mongolia () to Iceland () (2022)

Latest Data

Trade between Iceland () and Mongolia ()

Iceland Exports

Mongolia Exports

Market Competitiveness

Difference in imports from Mongolia () and Iceland () (2022)

Comparative Advantage Iceland - Mongolia

Potential Exports

Potential Exports

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Economic Complexity

Competitive Landscape

Product Space of Iceland () and Mongolia () (2022)

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