Bhutan – Trade
Bhutan is highly open to foreign trade, which represents 90% of its GDP (2015). Bhutan has been involved in a sub-regional economic cooperation process for several years. Trade relations with India, its main trading partner, were reinforced in 2006, with the signing of a free trade agreement. The country is a member of several regional organisations (SAPTA/SAARC) and a candidate to join the WTO since 1999.
Bhutan is the 175th largest export economy in the world. In 2015, Bhutan exported $214M and imported $465M, resulting in a negative trade balance of $251M. In 2015 the GDP of Bhutan was $2.06B and its GDP per capita was $8.37k.
The top exports of Bhutan are Ferroalloys ($106M), Electricity ($36.5M), Carbides ($24.7M), Raw Plastic Sheeting ($8.73M) and Hydrogen ($6.81M), using the 1992 revision of the HS (Harmonized System) classification. Its top imports are Refined Petroleum($72.3M), Planes, Helicopters, and/or Spacecraft($57.1M), Cars ($42.6M), Forging Machines ($22.1M) and Iron Structures ($12.7M).
The top export destinations of Bhutan are India($183M), Germany ($9.2M), France ($4.33M), Italy($3.55M) and the United States ($3.16M). The top import origins are India ($333M), Germany ($60.2M), Japan ($15.3M), Thailand ($11.3M) and Singapore($10.9M).
During the last five years the exports of Bhutan have decreased at an annualized rate of -8.6%, from $336M in 2010 to $214M in 2015. The most recent exports are led by Ferroalloys which represent 49.7% of the total exports of Bhutan, followed by Electricity, which account for 17%.
In 2015 Bhutan imported $465M, making it the 181st largest importer in the world. During the last five years the imports of Bhutan have decreased at an annualized rate of -9.5%, from $787M in 2010 to $465M in 2015. The most recent imports are led by Refined Petroleum which represent 15.5% of the total imports of Bhutan, followed by Planes, Helicopters, and/or Spacecraft, which account for 12.3%.