However, import of top ten commodities rose to Nu 26bn, offsetting revenue generated from the exports
The country generated about Nu 8 billion (bn) in revenue during the third quarter of this year from the export of the top ten commodities. However, this is a decrease of about Nu 1bn as compared to the second quarter of 2023.
According to figures from the Department of Revenue and custom (DRC), the top ten commodities include silicon, dolomite, ferro-silico-manganese, boulders, pebbles and gravels, gypsum and anhydrite, dolomite ordinary portland cement, amongst others.
As per the report, South Korea has become the third country that Bhutan exported goods to, while Bangladesh comes next in line to India about imports into Bhutan.
Amongst the top ten commodities, containing by weight more than 55% of silicon made the highest export worth Nu 3bn, dolomite with Nu 720 million (mn), ferro-silico-manganese with Nu 653mn and boulders with Nu 568mn, followed by pebbles and gravels with Nu 424mn.
Similarly, gypsum and anhydrite worth Nu 384mn were exported, followed by dolomite with Nu 214mn, and other commodities worth Nu 190mn. The last two on the list of exported commodities include ordinary Portland cement and other commodities worth Nu 189mn and Nu 140mn each consecutively.
Meanwhile, the top five countries that Bhutan exported to are India, Bangladesh, and South Korea followed by Nepal and Italy. Bhutan also exports commodities to countries like the United Kingdom, Netherlands, Japan, and Germany, amongst others.
According to DRC, about Nu 7.1bn worth of commodities were exported to India, and about Nu 942mn worth of commodities to Bangladesh. South Korea came third with the country taking in commodities worth Nu 184mn; followed by Nepal and Italy with Nu 170mn and Nu 84mn each and the least exports were made towards the United Kingdom and Vietnam with about Nu 4.6mn and Nu 2.7mn each.
Similarly, Phuntsholing region made the highest export to India worth Nu 4.4bn of commodities, followed by Samtse region with about Nu 1.3bn, Samdrup Jongkhar region with about Nu 1.1bn and Gelephu region with Nu 285mn worth of commodities, according to the Bhutan trade statistics 2022.
However, the amount that Bhutan spent to import the top ten commodities is about Nu 26bn as of the third quarter of 2023, a decrease of about Nu 1bn as compared to the import of top ten commodities in the second quarter of 2023.
The decrease in the import of the top ten commodities is mainly attributed to a decrease in the import of the ferrous products worth Nu 823mn in the third quarter of 2023 as compared to the second quarter worth of Nu about Nu 1bn.
In the third quarter of 2023, the country also imported less coke and semi-coke of about Nu 523mn as compared to about Nu 743mn coke and semi-coke in the second quarter of 2023, followed by the least import of other commodities of about Nu 655mn in the third quarter 2023 as compared to the second quarter 2023 worth of about Nu 693mn.
The top ten imported commodities include, processing units, other light oils and preparations (HSD), coke and semi-coke, motor spirit (gasoline) including aviation spirit (petrol), semi-milled or wholly milled rice, Ferrous products, Smartphones, Cigarettes containing tobacco.
While the country made the highest import of the commodities from India with the import of commodities worth Nu 20bn, the second was from by China with goods worth Nu 3.5bn imported. Bhutan also imported from Singapore and Thailand goods worth Nu 1bn and Nu 582mn each.
Meanwhile, most of the imports were made through Phuentsholing region with Nu 4.4bn, followed by Samtse region with Nu 1.3bn, Samdrup Jongkhar region with 1.1bn and Gelephu region and Paro region with Nu 285mn and Nu 4mn worth of commodities each.
Sherab Dorji from Phuentsholing