Bhutan generated approximately Nu 8.2 billion (B) in revenue during the third quarter of 2024 from the export of the country’s top ten commodities, which is around Nu 612 million (M) higher than the value of imports for the same commodities. The amount spent on importing the top ten commodities stood at Nu 7.5B.
This revenue represents a significant improvement compared to the same quarter in 2023, when exports of top ten commodities totaled Nu 8.67B, while imports surged to Nu 26.5B.
The increase in export value in the third quarter of 2024 was largely driven by the export of silicon-containing goods, which accounted for over Nu 4B of the total value of top ten commodity exports. The export value of silicon in the third quarter of 2024 increased by almost 18% compared to the same period in 2023.
Other top ten export commodities included boulders, ferro-silico-manganese, dolomite (not calcined or sintered), chips, pebbles, gravel, broken or crushed stone, shingle and flint (whether or not heat-treated), gypsum, anhydrite, and silicon lumps and slabs.
As mentioned, among the top ten commodities, those containing more than 55% silicon made the highest export worth Nu 4.05B, followed by boulders (Nu 782M), ferro-silico-manganese (Nu 732M), dolomite (Nu 639M), and pebbles, gravel, broken or crushed stone (Nu 461M).
India remains Bhutan’s largest trade partner, followed by Singapore in third place in terms of exports, while China became the second-largest source of imports. Bhutan exported Nu 7.3B worth of commodities to India, followed by Nu 1.3B to Bangladesh. South Korea ranked third in terms of exports from Bhutan with commodities worth around Nu 414M, followed by Nepal and Singapore with Nu 202M and Nu 125M, respectively. The least exports were made to Saudi Arabia and Malaysia, with about Nu 5.6M and Nu 5.5M each.
As of the third quarter of 2024, the country’s balance of trade (excluding electricity) stood at approximately Nu 17B, with the balance of trade with India at Nu 15B and with countries other than India at around Nu 2B.
Phuentsholing RRCO made the highest export to India, worth Nu 4.7B, followed by Samtse with about Nu 1.25B and Samdrup Jongkhar check post with Nu 1.2B worth of commodities.
On the other hand, Bhutan spent Nu 7.5B to import the top ten commodities. The import value in the third quarter decreased by almost Nu 18B compared to the same period in 2023. The third-quarter import value decreased by Nu 557M compared to the previous quarter.
The top ten imported commodities included light oils and preparations (HSD), motor spirit (gasoline) including aviation spirit (petrol), semi-milled or wholly milled rice (whether or not polished or glazed), coke and semi-coke, smartphones, and ferrous products obtained by direct reduction of iron ore, among others.
Light oils and preparations (HSD) topped the import list with a value of Nu 2.4B, followed by motor spirit (gasoline) at Nu 934M. Semi-milled or wholly milled rice and coke and semi-coke ranked third and fourth, with values of Nu 707M and Nu 678M, respectively. Additionally, Bhutan imported Nu 642.7M worth of smartphones in 2024.
The highest import value came from India, with imports worth Nu 22.4B, followed by China at Nu 1.6B and Singapore at Nu 583M. Bhutan also imported goods from Thailand and Malaysia worth Nu 496M and Nu 408M, respectively. Commodities worth Nu 4.4B were imported from other countries, including Italy, Belgium, France, the Netherlands, and Poland.
Most of the imports from India and other countries came through Phuentsholing RRCO, with Nu 15.7B from India and Nu 2.8B from other countries, followed by Samdrup Jongkhar RRCO with Nu 2.5B from India, Samtse RRCO with Nu 2.4B, and Gelephu with Nu 1.8B worth of commodities imported from India.
These figures were recently revealed in publications by the Department of Revenue and Customs (DRC) and Bhutan’s trade statistics for 2024.
Nidup Lhamo from Thimphu