Overview In 2020 Bhutan was the number 178 economy in the world in terms of total exports and the number 180 in total imports.

Exports The top exports of Bhutan are Ferroalloys ($104M), Semi-Finished Iron ($24.4M), Cement ($13M), Dolomite ($10.9M), and Carbides ($5.24M), exporting mostly to India ($173M), Italy ($4.88M), Turkey ($856k), Singapore ($630k), and Japan ($542k).

Imports The top imports of Bhutan are Refined Petroleum ($81.3M), Planes, Helicopters, and/or Spacecraft ($77.6M), Wood Charcoal ($28M), Iron Reductions ($26.7M), and Cars ($25.2M), importing mostly from India ($623M), France ($78.8M), Thailand ($51.6M), China ($13.4M), and South Korea ($12.3M).

Location Bhutan borders China and India by land.

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The following section uses the most recent trade data from partners of Bhutan.

Disclaimer: data is presented based on availability and only countries that use the harmonized system are being shown.

*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.

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Data is presented based on data availability. Only countries using the Harmonic System (HS) are selected. Every source is shown using their own latest twelve months of data.

*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.

Historical Data

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Top Export (2020): Ferroalloys, $104M

Top Destination (2020): India, $623M

In 2020, Bhutan exported a total of $183M, making it the number 178 exporter in the world. During the last five reported years the exports of Bhutan have changed by -$76M from $259M in 2015 to $183M in 2020.

The most recent exports are led by Ferroalloys ($104M), Semi-Finished Iron ($24.4M), Cement ($13M), Dolomite ($10.9M), and Carbides ($5.24M). The most common destination for the exports of Bhutan are India ($173M), Italy ($4.88M), Turkey ($856k), Singapore ($630k), and Japan ($542k).

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Fastest Growing Export Markets (2019 - 2020)

Fastest Growing Import Markets (2019 - 2020)

Bhutan Exports Services (2019): $168M

Bhutan Imports Services (2019): $228M

In 2019, Bhutan exported $168M worth of services. The top services exported by Bhutan in 2019 were Personal travel ($111M), Transportation ($38.3M), Business travel ($9M), Financial services ($3.61M), and Insurance services ($2.61M).

The top services imported by Bhutan in 2019 were Personal travel ($62.2M), Construction services ($54.8M), Transportation ($54.3M), Other business services ($18.2M), and Government services, n.i.e. ($10.4M).

Tariffs by Product

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The top product import tariffs by their MFN Ad Valorem value for Bhutan are Alcoholic liqueurs nes (100%) and Animal carving articles, nes (100%).

Click any of the products in the bar chart to see the specific Ad Valorem Duty Rates by partner country.

*The tariffs applied to imports for Bhutan are:
136: Most Favoured Nation duty rate treatement
239: Preferential tariff for India
366: South Asian Association for Regional Cooperation (SAARC) Preferential Trading Arragement (SAPTA)

Economic Complexity

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Most Specialized Products by RCA Index

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Bhutan has a high level of specialization in Ferroalloys (344), Carbides (314), Gypsum (298), Nutmeg, mace and cardamons (129), and Cement (95.9). Specialization is measured using RCA, an index that takes the ratio between Bhutan observed and expected exports in each product.

Most Complex Products by PCI

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The highest complexity exports of Bhutan according to the product complexity index (PCI) are Machines for processing textile fibres (1.45), Artificial, graphite and preparations (0.65), Inorganic acids, non-metal inorganics (0.53), Uncoated paper for writing, printing, office machines (0.53), and Machinery to sort, screen, wash, etc mineral products (0.39). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

Export Opportunities by Relatedness

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The top export opportunities for Bhutan according to the relatedness index, are Crude Petroleum (0.05), Spices (0.048), Aluminium Ore (0.048), Petroleum Gas (0.048), and Sulphur (0.048). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Bhutan is not specialized in.

The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products a country currently specializes in.

Relatedness Space

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This network shows the products most related to the production structure of Bhutan. These are products that tend to be co-exported with the products that Bhutan exports. Higher relatedness values ​​indicate greater knowledge, which predicts a greater probability of exporting that product in the future.

Diversification Frontier

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The Complexity-Relatedness diagram compares the risk vs strategic value of a country's potential export oppotunities. Relatedness is predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower greenhouse emissions.