Total trade in goods and services (exports and imports) between the United Kingdom (UK) and Bhutan was £4 million in the four quarters to the end of Q1 2023, a decrease of 42.9% or £3 million in current prices from the four quarters to the end of Q1 2022. The UK reported a total trade surplus of £4 million with Bhutan, compared to a trade surplus of £7 million in the four quarters to the end of Q1 2022. This has been revealed in the latest report by the Department of Business and Trade, the UK.
Of this £4 million, total UK exports to Bhutan amounted to £4 million in the four quarters to the end of Q1 2023 (a decrease of 42.9% or £3 million in current prices, compared to the four quarters to the end of Q1 2022). And total UK imports from Bhutan amounted to less than £1 million in the four quarters to the end of Q1 2023 (a change of less than £1 million in current prices, compared to the four quarters to the end of Q1 2022). Bhutan was the UK’s joint 213th largest trading partner in the four quarters to the end of Q1 2023 accounting for less than 0.1% of total UK trade. In 2021, the outward stock of foreign direct investment (FDI) from the UK in Bhutan was less than £1 million.
Of all UK exports to Bhutan in the four quarters to the end of Q1 2023, less than £1 million (less than 0.1%) were goods and £4 million (almost 100%) were services. In the four quarters to the end of Q1 2023, UK exports of goods to Bhutan changed by less than £1 million in current prices, compared to the four quarters to the end of Q1 2022 while UK exports of services to Bhutan decreased by 42.9% or £3 million in current prices, compared to the four quarters to the end of Q1 2022.
In the four quarters to the end of Q1 2023, total UK imports from Bhutan were less than £1 million (a change of less than £1 million in current prices, compared to the four quarters to the end of Q1 2022). Of all UK imports from Bhutan in the four quarters to the end of Q1 2023, less than £1 million were goods and less than £1 million were services.
In the same period, UK imports of goods from Bhutan changed by less than £1 million in current prices, compared to the four quarters to the end of Q1 2022 while UK imports of services from Bhutan changed by less than £1 million in current prices, compared to the four quarters to the end of Q1 2022.
This means the UK reported a total trade surplus of £4 million with Bhutan, compared to a trade surplus of £7 million in the four quarters to the end of Q1 2022.
In the four quarters to the end of Q1 2023, the UK had a trade in goods balance of less than £1 million with Bhutan, compared to a trade in goods balance of less than £1 million in the four quarters to the end of Q1 2022. Meanwhile, in the four quarters to the end of Q1 2023 the UK reported a trade in services surplus of £4 million with Bhutan, compared to a trade in services surplus of £7 million in the four quarters to the end of Q1 2022.
The top 5 goods exported from the UK to Bhutan in the four quarters to the end of Q1 2023 were: beverages (£910 thousand); 76K – Telecoms & sound equipment (capital) (£50 thousand); 84 – Clothing (£50 thousand) ; 59 – Other chemicals (£40 thousand); 87K – Scientific instruments (capital) (£40 thousand)
The top 3 goods imported to the UK from Bhutan in the four quarters to the end of Q1 2023 were: 9 – Unspecified goods (£50 thousand); 06 – Sugar (£20 thousand); 792 – Aircraft (£10 thousand)
While the UK market share in goods for Bhutan was not available in 2022, the UK market share in Bhutan was 2.4% in 2022 for services only. This is a decrease of 3.2 percentage points from 2021.
In the four quarters to the end of Q1 2023, Bhutan was the UK’s Joint 213th largest trading partner (accounting for less than 0.1% of total UK trade); 221st largest goods trading partner (less than 0.1% of UK goods trade) and Joint 204th largest services trading partner (less than 0.1% of UK services trade).
Bhutan was also joint 208th largest export market (accounting for less than 0.1% of total UK exports); Joint 218th largest goods export market (less than 0.1% of UK goods exports) and Joint 196th largest services export market (less than 0.1% of UK services exports).
Further, in the period Bhutan was 222nd largest import market (accounting for less than 0.1% of total UK imports). 205th largest goods import market (less than 0.1% of UK goods imports) and Joint 215th largest services import market (less than 0.1% of UK services imports).
“More timely data, for trade in goods only11, show that UK exports of goods to Bhutan did not change the 12 months to July 2023 in current prices, compared to the same period the previous year. UK imports of goods from Bhutan did not change, in current prices, over the same period,” the reports adds.
In 2021, the stock of FDI from the UK in Bhutan was less than £1 million accounting for less than 0.1% of the total UK outward FDI stock. Moreover, the UK market share in Bhutan was 2.4% in 2022 for services only, which is a decrease of 3.2 percentage points from 2021.
Nidup Lhamo from Thimphu
