Food import value almost four-fold that of export

UK-Bhutan trade declines

Total trade in goods and services (exports plus imports) between the UK and Bhutan was £3 million (M) in the four quarters ending Q1 2024, a decrease of 25% (£1M) in current prices compared to the same period ending Q1 2023, according to a report released by the Department of Business and Trade, which was released earlier this month.

In the four quarters ending Q1 2024, total UK exports to Bhutan amounted to £3M, a decrease of 25% (£1M) in current prices compared to the four quarters ending Q1 2023. Of all UK exports to Bhutan during this period, £1M (33.3%) was in goods, and £2M (66.7%) was in services. While UK exports of goods to Bhutan increased by £1M in current prices, exports of services decreased by 50% (£2M), compared to the same period in 2023.

In the four quarters ending Q1 2024, total UK imports from Bhutan were less than £1M, with a change of less than £1M in current prices compared to the same period in 2023. Of all UK imports from Bhutan, less than £1M were in goods, and less than £1M were in services.

UK imports of goods from Bhutan showed little change (less than £1M) in current prices compared to the same period ending Q1 2023. Likewise, imports of services from Bhutan remained relatively unchanged (less than £1M). As a result, the UK reported a total trade surplus of £3M with Bhutan, down from a surplus of £4M in the four quarters ending Q1 2023.

During this period, the UK had a goods trade surplus of £1M with Bhutan, compared to a goods trade balance of less than £1M in Q1 2023. Additionally, the UK reported a services trade surplus of £2M, compared to a surplus of £4M in the same period in 2023.

In the four quarters ending Q1 2024, Bhutan was the UK’s 217th largest trading partner, accounting for less than 0.1% of total UK trade. Bhutan was the UK’s joint 200th largest goods trading partner, joint 212th largest services trading partner, and joint 208th largest export market, each accounting for less than 0.1% of UK trade. Bhutan ranked as the UK’s joint 198th largest goods export market, 202nd largest services export market, 223rd largest import market, 198th largest goods import market, and joint 218th largest services import market.

The top five goods Bhutan imported from the UK in the four quarters ending Q1 2024 were beverages and tobacco worth £2.1M, meat and meat preparations worth £80,000, other chemicals worth £60,000, jewellery worth £60,000, and dyeing, tanning & colouring materials worth £30,000.

On the other hand, the top two goods Bhutan exported to the UK during the same period were unspecified goods amounting to £20,000 and travel goods & handbags worth £10,000.

In 2023, the UK’s market share in Bhutan for goods and services was 0.2%, a decrease of 0.1 percentage points from 2022. For goods only, the UK’s market share remained at 0.0% in 2023, unchanged from 2022. The UK’s market share in Bhutan for services only was 1.2% in 2023, a decrease of 1.2 percentage points compared to 2022.

By Tashi Namgyal, Thimphu