Mongolia (MNG) and South Korea (KOR) Trade | The Observatory of Economic Complexity

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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.

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.

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

Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2022, 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 2017 to $259M in 2022.

In 2017, 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 2022 to $437M in 2017.

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

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

Latest Data

Trade between Mongolia () and South Korea ()

Mongolia Exports

Date

South Korea Exports

Date

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Mongolia
Top DestinationChina$10.6B

South Korea
Top DestinationChina$150B

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

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

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

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

Comparative Advantage Mongolia - South Korea

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2022, Mongolia had a large net trade with South Korea in the exports of Mineral Products ($160M), Precious Metals ($76.3M), and Textiles ($14.2M).

During 2017, South Korea had a large net trade with Mongolia in the exports of Foodstuffs ($108M), Machines ($79.3M), and Chemical Products ($72.9M).

Potential Exports

Depth

Section

HS2

HS4

View

Top 20

Top 15

Top 10

Sort By

Highest Potential

Most Saturated

Section

Top Product Potential Mongolia South Korea+$116MCoal Briquettes

Top Product Potential South Korea Mongolia+$24.9MRefined Petroleum

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

Year

This visualization shows the product space at the HS4 level with the flags of Mongolia and South Korea. This means that a dot/product with the flag of Mongolia indicates it has a comparative advantage over South Korea. Similarly, a dot/product with the flag of South Korea indicates it has a comparative advantage over Mongolia.

About

Historical Data

Bilateral Trade by Products

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

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

Latest Data

Trade between Mongolia () and South Korea ()

Mongolia Exports

South Korea Exports

Market Competitiveness

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

Comparative Advantage Mongolia - South Korea

Potential Exports

Potential Exports

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Economic Complexity

Competitive Landscape

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

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