Bilateral trade between the UK and Bhutan records a decrease in goods and services, with Bhutan ranking as the 217th trading partner for the UK.
Total trade in goods and services (exports plus imports) between the UK and Bhutan was £3 million in the four quarters to the end of Q4 2023, a decrease of 25%, or £1 million in current prices from the four quarters to the end of Q4 2022. In the four quarters to the end of Q4 2023, total UK exports to Bhutan amounted to £3 million; a decrease of 25.0% or £1 million in current prices, compared to the four quarters to the end of Q4 2022.
Of all UK exports to Bhutan in the four quarters to the end of Q4 2023, less than £1 million which is less than 0.1% were goods, and £3 million which is almost 100% were services. In the four quarters to the end of Q4 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 Q4 2022 while UK exports of services to Bhutan decreased by 25.0% or £1 million in current prices, compared to the four quarters to the end of Q4 2022.
In the four quarters to the end of Q4 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 Q4 2022. Of all UK imports from Bhutan in the four quarters to the end of Q4 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 Q4 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 Q4 2022. This means the UK reported a total trade surplus of £3 million with Bhutan, compared to a trade surplus of £4 million in the four quarters to the end of Q4 2022.
In the four quarters to the end of Q4 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 Q4 2022.
Meanwhile, in the four quarters to the end of Q4 2023 the UK reported a trade in services surplus of £3 million with Bhutan, compared to a trade in services surplus of £4 million in the four quarters to the end of Q4 2022.
In the four quarters to the end of Q4 2023, Bhutan was the UK’s 217th largest trading partner accounting for less than 0.1% of total UK trade and 221st largest goods trading partner which is less than 0.1% of UK goods trade.
Bhutan is also 210th largest services trading partner consisting of less than 0.1% of UK services trade while also 209th largest export market, accounting for less than 0.1% of total UK exports.
Bhutan also ranks as the joint 220th largest goods export market, accounting for less than 0.1% of the UK’s total goods exports. Similarly, it is the 200th largest services export market, contributing less than 0.1% to the UK’s services exports.
In terms of imports, this market stands as the joint 222nd largest, representing a negligible proportion of the total UK imports. As for the specific categories, it is the joint 198th largest goods import market, constituting less than 0.1% of UK goods imports. Lastly, it ranks as the joint 219th largest services import market, contributing an insignificant amount to the UK’s services imports.
The top 5 goods exported from the UK to Bhutan in the four quarters to the end of Q4 2023 were beverages and tobacco worth £1.5 million, followed by meat and meat preparations accounting for £80 thousand and other chemicals (£40 thousand). Further, jewelry (£60 thousand) and scientific instruments (£40 thousand) were imported from the UK.
The top 2 goods imported to the UK from Bhutan in the four quarters to the end of Q4 2023 were unspecified goods (£20 thousand) and travel goods, handbags, etc. (£10 thousand).
By Nidup Lhamo, Thimphu
