India (IND) and Bhutan (BTN) Trade | The Observatory of Economic Complexity

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India-Bhutan Trade: In 2023, India exported $980M to Bhutan. The main products that India exported to Bhutan were Refined Petroleum ($165M), Iron Reductions ($39.3M), and Propylene Polymers ($37.6M). Over the past 5 years the exports of India to Bhutan have increased at an annualized rate of 8.46%, from $653M in 2018 to $980M in 2023.

In 2023, India did not export any services to Bhutan.

Bhutan-India Trade: In 2023, Bhutan exported $421M to India. The main products that Bhutan exported to India were Ferroalloys ($183M), Planes, Helicopters, and/or Spacecraft ($103M), and Dolomite ($50.5M). Over the past 5 years the exports of Bhutan to India have increased at an annualized rate of 5.23%, from $253M in 2018 to $421M in 2023.

In 2017, Bhutan exported services to India worth $51.1M, with Travel ($25M), Transportation ($24M), and Insurance services ($1.3M) being the largest in terms of value.

Comparison In 2023, India ranked 39 in the Economic Complexity Index (ECI 0.65), and 12 in total exports ($441B). That same year, Bhutan ranked 170 in total exports ($456M), and does not have data regarding Economic Complexity Index.

Latest Trends

November, 2024

About

Overview In November 2024, India exported $96M and imported $26.4M from Bhutan, resulting in a positive trade balance of $69.6M. Between November 2023 and November 2024 the exports of India have increased by $26.8M (38.7%) from $69.2M to $96M, while imports increased by $2.33M (9.68%) from $24.1M to $26.4M.

Trade In November 2024, the top exports of India to Bhutan were Petroleum Products ($14.1M), Iron And Steel ($6.1M), Electric Machinery And Equipme ($4.7M), Other Wood And Wood Products ($3.96M), and Products Of Iron And Steel ($3.48M). In November 2024 the top imports of India from Bhutan were Iron And Steel ($21.6M), Processed Minerals ($5.56M), Cmnt, Clinkr And Asbstos Cmnt ($943k), Spices ($455k), and Granit, Natrl Stone And Prodct ($446k).

Growth In November 2024, the increase in India's year-by-year exports to Bhutan was explained primarily by an increase in product exports in Petroleum Products ($4.19M or 42.1%), Iron And Steel ($2.63M or 75.5%), and Electric Machinery And Equipme ($2.07M or 78.8%). In November 2024, the increase in India's year-by-year imports from Bhutan was explained primarily by an increase in product imports in Processed Minerals ($1.1M or 24.6%), Granit, Natrl Stone And Prodct ($419k or 1.56k%), and Alcoholic Beverages ($164k or 508%).

Latest Trade

Time Scale

Year

Quarter

Month

Flow

Exports

Imports

Value

Trade Value

Growth

Growth (%)

EXPORT GROWTH (November 2023 - November 2024)$26.8M(38.7%)

IMPORT GROWTH (November 2023 - November 2024)$2.33M(9.68%)

This section shows exports and imports data at subnational level for India. Click any date in the line plot or any product to explore the exports or imports behavior of India over time.

To check Bhutan and India trade dynamics, check the bilateral page.

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Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2023, India exported $980M to Bhutan. The main products exported from India to Bhutan were Refined Petroleum ($165M), Iron Reductions ($39.3M), and Propylene Polymers ($37.6M). During the last 5 years the exports of India to Bhutan have increased at an annualized rate of 8.46%, from $653M in 2018 to $980M in 2023.

In 2018, Bhutan exported $421M to India. The main products exported from Bhutan to India were Ferroalloys ($183M), Planes, Helicopters, and/or Spacecraft ($103M), and Dolomite ($50.5M). During the last 5 years the exports of Bhutan to India have increased at an annualized rate of 5.23%, from $253M in 2023 to $421M in 2018.

Exports from India () to Bhutan () (2023)

Exports from Bhutan () to India () (2023)

Market Competitiveness

Color

Exports

Export Growth

Section

Year

India
Top DestinationUnited States$85.5B

Bhutan
Top DestinationIndia$421M

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

In 2023, countries that imported more from India than Bhutan included United States ($85.5B), United Arab Emirates ($28.8B), and China ($18.1B).

In 2023, no countries were registered that imported more from Bhutan than from India.

Difference in imports from Bhutan () and India () (2023)

Comparative Advantage India - Bhutan

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

This chart compares trade between India and Bhutan by product, considering products traded by both, India and Bhutan.

During 2023, India had a large net trade with Bhutan in the exports of Mineral Products ($238M), Machines ($153M), and Metals ($136M).

During 2018, Bhutan had a large net trade with India in the exports of Metals ($196M), Transportation ($104M), and Mineral Products ($94.2M).

Economic Complexity

Competitive Landscape

Year

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

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Latest Trends

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Latest Trade

Historical Data

Bilateral Trade by Products

Exports from India () to Bhutan () (2023)

Exports from Bhutan () to India () (2023)

Market Competitiveness

Difference in imports from Bhutan () and India () (2023)

Comparative Advantage India - Bhutan

Economic Complexity

Competitive Landscape

Product Space of India () and Bhutan () (2023)

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