Imports and exports both witness an upward trajectory
In January 2024, Bhutan imported £399 Thousand (K) and exported £2.99K worth of goods and services from the United Kingdom (UK), resulting in a negative trade balance of £396K. Between January 2023 and January 2024, the imports by Bhutan from UK have increased by £257K (181%) from £142K to £399K, while exports increased by £867 (40.8%) from £2.13K to £2.99K.
The top exports of UK to Bhutan were Hard Liquor (£137K), Micro-Organism Culture Preparations (£2.99K), Commodities not elsewhere specified (£1.38K), and Excavation Machinery (£959). The top imports of UK from Bhutan were Commodities not elsewhere specified (£1.21K) and Fishing and Hunting Equipment (£917).
Total trade in goods and services (exports plus imports) between the UK and Bhutan was £4 million (M) in the four quarters to the end of Q3 2023, a decrease of 33.3% or £2M in current prices from the four quarters to the end of Q3 2022. In the four quarters to the end of Q3 2023, total UK exports to Bhutan amounted to £4M (a decrease of 33.3% or £2M in current prices, compared to the four quarters to the end of Q3 2022).
Of all UK exports to Bhutan in the four quarters to the end of Q3 2023, less than £1M (less than 0.1%) were goods and £4M (almost 100%) were services.
In the four quarters to the end of Q3 2023, UK exports of goods to Bhutan changed by less than £1M in current prices, compared to the four quarters to the end of Q3 2022 while UK exports of services to Bhutan decreased by 33.3% or £2M in current prices, compared to the four quarters to the end of Q3 2022.
In the four quarters to the end of Q3 2023, total UK imports from Bhutan were less than £1M (a change of less than £1M in current prices, compared to the four quarters to the end of Q3 2022).
Of all UK imports from Bhutan in the four quarters to the end of Q3 2023, less than £1M were goods and less than £1M were services. In the same period, UK imports of goods from Bhutan changed by less than £1M in current prices, compared to the four quarters to the end of Q3 2022 while UK imports of services from Bhutan changed by less than £1M in current prices, compared to the four quarters to the end of Q3 2022. This means the UK reported a total trade surplus of £4M with Bhutan, compared to a trade surplus of £6M in the four quarters to the end of Q3 2022.
In the four quarters to the end of Q3 2023, the UK had a trade in goods balance of less than £1M with Bhutan, compared to a trade in goods balance of less than £1M in the four quarters to the end of Q3 2022. Meanwhile, in the four quarters to the end of Q3 2023 the UK reported a trade in services surplus of £4M with Bhutan, compared to a trade in services surplus of £6M in the four quarters to the end of Q3 2022.
The top 5 goods exported by the UK to Bhutan in the four quarters to the end of Q3 2023 were Beverages & tobacco (£1.4M), Meat & meat preparations (£80K), Clothing (£40K), Scientific instruments (capital) (£40K), and other chemicals (£30 K).
The top 3 goods imported by the UK from Bhutan in the four quarters to the end of Q3 2023 were Sugar (£20K), unspecified goods (£20K), and Travel goods, handbags etc (£10K).
Meanwhile, the Foreign Direct Investment (FDI) stock from the UK in Bhutan is no more than £1M. In 2021, Bhutan accounted for less than 0.1% of the total UK outward FDI stock.
During the last 27 years, the exports of Bhutan to UK have decreased at an annualized rate of 4.74%, from USD 626K in 1995 to USD 169K in 2022.
By Tashi Namgyal, Thimphu
