Nu 8.66 billion generated from export of top 10 commodities last year

Bhutan generated about Nu 8.66 billion (B) in revenue during the third quarter of last year from the export of the countryโ€™s top ten commodities, which is rise by about Nu 1.93B compared to the same period of 2022.

However, the amount that Bhutan spend to import the top ten commodities rose to Nu 26.466B during the third quarter of last year, a decrease by Nu 7.8B compared to the top ten commodities in the third quarter of 2022. Due to this, the trade deficit of the country for the third quarter stood at Nu 6,674 million (M).

India still tops the country that Bhutan trades with. South Korea stands at the third position in terms of exports from Bhutan and Bangladesh in the second region that Bhutan imports goods from.

The top ten export commodities include containing by weight more than 55% of silicon, Dolomite, not calcined or sintered, chips, Ferro-silico-manganese, boulders, pebbles, gravel, broken or crunched stone, gypsum, anhydrite, dolomite not calcined or sintered, lumps and slabs, ordinary portland cement and other.

Amongst the top ten commodities containing by weight more than 55% of silicon, made the highest export worth Nu 3.23B, dolomite, (not calcined or sintered) chips with Nu 720M, ferro-silico-manganese with Nu 653M, and Boulders worth Nu 568M, followed by pebbles, gravel, broken or crushed stone worth Nu 424M.

South Korea became the third country which Bhutan exports mostly, with commodities worth Nu 184M. They are followed by Nepal and Italy with Nu 170M and Nu 84M respectively.

Bhutan exported the least commodities to countries like Vietnam and United Kingdom worth Nu 2M and Nu 4M respectively.

About Nu 7.18B worth of commodities were exported to India in the last 9 months of 2023, and about Nu 0.94B worth of commodities were exported to Bangladesh.

The commodities that are exported from Bhutan to Bangladesh are mainly fish, fresh or chilled, excluding fish fillets and other fish meat of heading, apples, pears, nutmeg, mace and cardamoms, Seeds of anise, badian, fennel, coriander, cumin or caraway, and juniper berries.

Some of the commodities exported to India include live swine, live sheep and goats, live poultry, that is to say, fowls of the species Gallus domesticus, ducks, geese, turkeys and guinea fowls, milk and cream, not concentrated nor containing added sugar or other sweetening matter, cheese and curd, Citrus fruit, fresh or dried, Apples, pears and quinces.

The amount that Bhutan spends to import the top ten commodities rose to Nu 26.46B during the third quarter of last year. The increase in the import of the top ten commodities is mainly attributed to increase in the import of the other light oils and preparations worth Nu 2.5B, followed by possessing units other than those of subheading worth Nu 2.346B, and motor spirit (gasoline) including aviation spirit (petrol) worth Nu 868M, and Ferrous products obtained by direct reduction of iron ore worth Nu 823M.

The top ten imported commodities for the third quarter include other light oils and preparations (HSD), Motor spirit (gasolene) including aviation spirit (petrol), Ferrous products obtained by direct reduction of iron ore, Semi-milled or wholly milled rice, whether or not polished or glazed, other units of automatic data processing machines: smartphones, Coke and semi-coke, unused postage, revenue or similar stamps of current or new issue in the country in which they have, or will have, a recognised face value; stamp-impressed paper; cheque forms; banknotes, stock, share or bond certificates and similar documents of title and others.

While the country made the highest import of commodities from India worth Nu 20.11B, the second was from China with goods worth Nu 3.55B imported.

Bhutan also imported from Singapore and Thailand goods worth Nu 1.015B and Nu 582M respectively.

The figures were recently revealed in publications by the Department of Revenue and Customs (DRC), and Bhutan Trade Statistics 2023.

Nidup Lhamo from Thimphu