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2023
Product
Exports | Imports $456M | $1.2B170 of 226 |  178 of 226
2023
Per Capita Product
Exports | Imports $580 | $1.53k138 of 220 |  143 of 220

About

Overview In 2023 Bhutan was the number 170 economy in the world in terms of total exports and the number 178 in total imports.

Exports The top exports of Bhutan are Ferroalloys ($212M), Planes, Helicopters, and/or Spacecraft ($103M), Dolomite ($50.5M), Semi-Finished Iron ($12.4M), and Cement ($12.1M), exporting mostly to India ($421M), Italy ($17.4M), Indonesia ($2.9M), China ($2.9M), and Singapore ($1.75M).

Imports The top imports of Bhutan are Refined Petroleum ($165M), Gold ($72.7M), Broadcasting Equipment ($40.1M), Iron Reductions ($39.3M), and Computers ($37.8M), importing mostly from India ($980M), Singapore ($95.5M), China ($57.1M), Thailand ($18.7M), and Indonesia ($8.48M).

Location Bhutan borders China and India by land.

Latest Trends

Latest Trade

Flow
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Y-AXIS SCALE

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.

* Trade values are converted to USD using each month's exchange rate. For December 2023 data, the exchange rate from December 30, 2023 is used.

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Latest Data

Flow
Color
Depth

The data obtained is mirror data. The trade of countries that do not report current data can be reconstructed based on data reported by partner countries with current data available.

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

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Historical Data

Yearly Trade

Flow
Color
Depth
Top Export (2023)Ferroalloys$212M
Top Destination (2023)India$421M

In 2023, Bhutan exported a total of $456M, making it the number 170 exporter in the world. During the last five reported years the exports of Bhutan have changed by $140M from $317M in 2018 to $456M in 2023.

The most recent exports are led by Ferroalloys ($212M), Planes, Helicopters, and/or Spacecraft ($103M), Dolomite ($50.5M), Semi-Finished Iron ($12.4M), and Cement ($12.1M). The most common destination for the exports of Bhutan are India ($421M), Italy ($17.4M), Indonesia ($2.9M), China ($2.9M), and Singapore ($1.75M).

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Exports (2023)
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Destinations (2023)
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Market Growth

Flow
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Growth
Fastest Growing Export Markets (2022 - 2023)
India$78.1M (+ 22.8%)
Indonesia$1.23M (+ 73.8%)
Spain$997k (+ 223%)
Fastest Growing Import Markets (2022 - 2023)
Singapore$78.5M (+ 461%)
Hong Kong$3.02M (+ 142%)
Austria$2.57M (+ 456%)

Total Export Growth by Market (2022 - 2023)

Potential Exports

Potential Exports

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Service Trade

Service Trade

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).

Service Exports (2019)

Service Imports (2019)

Economic Complexity

Most Specialized Products by RCA Index

Bhutan has a high level of specialization in Dolomite (4.04k), Gypsum (302), Ferroalloys (215), Gravel and Crushed Stone (132), and Carbides (123). Specialization is measured using RCA, an index that takes the ratio between Bhutan observed and expected exports in each product.

Export Opportunities by Relatedness

The top export opportunities for Bhutan according to the relatedness index, were Tropical Fruits (0.049), Gold (0.048), Bran (0.047), Other Oily Seeds (0.047), and Raw Lead (0.047). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Bhutan is not specialized in.

Product Space

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

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.

Relatedness Space (2023)

Diversification Frontier

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Depth

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.

Diversification Frontier

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