According to the Ministry of Finance’s Department of Revenue and Customs, the nation’s import bill skyrocketed to an all-time high of Nu 121.16 billion in 2024, a 12 percent rise from the year before. The Philippines saw record increases in imports and exports, but it also saw a trade imbalance, which increased from Nu 55.5 billion in 2023 to Nu 58.68 billion in 2024. With imports of Nu 101.3 billion and exports of Nu 50.43 billion, India accounted for more than 80% of Bhutan’s total trade. The increase was caused in part by the easing of house loan moratoriums and increased imports of merchandise. Bhutan exported energy of Nu 19.12 billion in 2023, which helped to close the trade deficit. The most popular import is still fuel.
Ferrosilicon exports to Bhutan increased significantly to Nu 15.06 billion in 2024, and the country imported data processing equipment for cryptocurrency mining. Dolomite exports somewhat decreased, whereas boulder exports increased to Nu 3.46 billion. In terms of commerce, Bhutan imports from 83 countries, exports to 34, and has a trade surplus with four of those countries. The TOT improved marginally in 2024, mostly as a result of higher export prices for metals and articles, but it is still below 100, a sign that export revenue is not enough to pay import expenses.
