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

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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 5 years the exports of Mongolia to Iceland have decreased at an annualized rate of 15.2%, from $28.2k in 2017 to $12.4k in 2022.

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

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 5 years the exports of Iceland to Mongolia have decreased at an annualized rate of 45.4%, from $22.2k in 2017 to $1.08k in 2022.

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

Comparison In 2022, Mongolia ranked 120 in the Economic Complexity Index (ECI -1.26), and 94 in total exports ($13.6B). That same year, Iceland ranked 116 in total exports ($7.31B), and does not have data regarding Economic Complexity Index.

Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2022, 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 2017 to $12.4k in 2022.

In 2017, 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 5 years the exports of Iceland to Mongolia have decreased at an annualized rate of 45.4%, from $22.2k in 2022 to $1.08k in 2017.

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

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

Latest Data

Trade between Mongolia () and Iceland ()

Mongolia Exports

Date

Mar 2019

Jun 2018

Mar 2017

Iceland Exports

Date

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Mongolia
Top DestinationChina$10.6B

Iceland
Top DestinationNetherlands$1.97B

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

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

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

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

Comparative Advantage Mongolia - Iceland

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2022, Mongolia had a large net trade with Iceland in the exports of Textiles ($7.62k), Machines ($2.87k), and Instruments ($1.18k).

During 2017, Iceland had a large net trade with Mongolia in the exports of Plastics and Rubbers ($566), Miscellaneous ($323), and Vegetable Products ($186).

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

About

Historical Data

Bilateral Trade by Products

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

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

Latest Data

Trade between Mongolia () and Iceland ()

Mongolia Exports

Iceland Exports

Market Competitiveness

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

Comparative Advantage Mongolia - Iceland

Potential Exports

Potential Exports

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Economic Complexity

Competitive Landscape

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

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