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Bhutan
(information)
Population as of 2020: 770,006 160 of 193
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Region: Asia
Nominal G.D.P. in 2024: $3.10 billion 165 of 193
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Top Exports
Total merchandise exports: roughly **Nu 43–62 billion** (depending on reporting basis and inclusion of electricity) in 2024.
**Electricity exports to India dominate the economy**, alongside ferroalloys, minerals, cement, and agricultural products.
| Rank | Export Category | Notes |
| ---- | ------------------------------------------ | -------------------------------------------------------------------------------- |
| 1 | **Electricity (hydropower)** ⭐ | Largest export; mainly sold to India (~50% of exports). |
| 2 | **Ferroalloys (ferrosilicon)** | Major industrial export. |
| 3 | **Cement & construction materials** | Important manufacturing sector. |
| 4 | **Minerals (dolomite, gypsum, limestone)** | Key mining exports. |
| 5 | **Chemical products** | Includes inorganic chemicals. |
| 6 | **Wood & timber products** | Rapidly growing category. |
| 7 | **Food products & beverages** | Processed foods and drinks. |
| 8 | **Spices (cardamom)** | Signature agricultural export. |
| 9 | **Rubber products** | Small but notable export. |
| 10 | **Handicrafts & textiles** | Traditional Bhutanese products. |
Key individual export products
| Rank | Product | Notes |
| ---- | -------------------------------------------------- | -------------------------------------------------------- |
| 11 | **Electric power** | #1 export by far. |
| 12 | **Ferrosilicon / ferroalloys** | Core industrial export. |
| 13 | **Portland cement** | Major export to India. |
| 14 | **Dolomite** | Key mineral export. |
| 15 | **Gypsum** | Construction mineral export. |
| 16 | **Limestone** | Industrial raw material. |
| 17 | **Cardamom** | Bhutan’s best-known spice export. |
| 18 | **Wood products & furniture** | Growing export sector. |
| 19 | **Copper conductors / metal products** | Industrial manufacturing export. |
| 20 | **Alcoholic beverages & processed fruit products** | Small but recognizable exports. |
Key Takeaways
* ⚡ **Hydropower dominates Bhutan’s exports**
* Electricity exports to India form the backbone of the economy.
* 🏭 **Industrial exports are unusually important for a small Himalayan country**
* Ferroalloys, cement, and minerals are major revenue earners.
* 🇮🇳 **India overwhelmingly dominates trade**
* Around **95%+ of Bhutan’s exports go to India**.
* 🌿 **Agriculture still contributes niche exports**
* Especially:
* cardamom
* timber
* processed foods.
* ⚠️ **Highly concentrated export structure**
* Electricity and a handful of industrial products dominate total export value.
Top Importers of Bhutan’s Exports (2024)
| Rank | Country | Notes |
| ---- | ----------------- | ---------------------------------------------------------------------------------------------------- |
| 1 | **India** | By far the largest buyer (~70–95% depending on dataset); electricity, ferroalloys, cement, minerals. |
| 2 | **Bangladesh** | Cement, minerals, agricultural goods. |
| 3 | **Singapore** | Small but notable trade hub; metals and industrial goods. |
| 4 | **South Korea** | Ferroalloys and industrial materials. |
| 5 | **Nepal** | Regional trade; manufactured and agricultural goods. |
| 6 | **United States** | Handicrafts, niche products, and specialty exports. |
| 7 | **Italy** | Ferroalloys and industrial materials. |
| 8 | **Netherlands** | EU trade hub; small industrial imports. |
| 9 | **Thailand** | Regional trade and processed goods. |
| 10 | **Spain** | Small industrial and mineral imports. |
Key Patterns
* 🇮🇳 **India dominates overwhelmingly**
* Takes the vast majority of exports because of:
* hydropower purchases
* geographic proximity
* customs/trade integration
* ⚡ **Electricity shapes the entire trade structure**
* Bhutan’s hydropower exports flow almost entirely to India
* 🏭 **Industrial exports go mainly to South Asia**
* Ferroalloys, cement, and minerals are exported regionally
* 🌍 **Very limited global diversification**
* Outside India and Bangladesh, export shares are relatively small
