That dollar amount results from a 14.4% increase compared to $454.2 million 5 years earlier in 2021.
Year over year, Bhutan’s exports flatlined by a 0.2% gain compared to $518.3 million starting from 2024.
Based on the average exchange rate for 2025, the Bhutan ngultrum appreciated by 14.8% against the US dollar since 2021 and strengthened by 4.2% from 2024 to 2025. Bhutan’s weaker local currency makes its exports paid for in weaker US dollars relatively more expensive for international buyers starting with American currency.
Bhutan is a landlocked South Asian country located in the Eastern Himalayas in close proximity to economic powerhouses China and India.
Bhutan’s 3 largest exports by value are predominantly iron ferroalloys, dolomite, and monumental or building stone such as granite or sandstone. Collectively, that trio of leading products represents almost three-fifths (58.9%) of the overall value of exported products from Bhutan.
Bhutan’s Major Trading Partners
The latest available country-specific data shows that 99.5% of products exported from Bhutan was bought by importers in: India (78.4% of the Bhutanese total), Bangladesh (13.7%), United States of America (2.4%), South Korea (1.8%), Nepal (1.3%), Netherlands (0.84%), Italy (0.28%), Thailand (0.22%), Türkiye (0.22%), United Arab Emirates (0.11%), Nigeria (0.11%) and Spain (also 0.11%).
From a continental perspective, 96% of Bhutan’s exports by value was delivered to fellow Asian countries while 1.5% was sold to importers in Europe.
Bhutan shipped another 2.42% worth of goods to buyers in North America’s United States only.
Tinier percentages went to customers in Africa (0.14%) and Oceania’s Australia (0.022%).
Given Bhutan’s population of 795,000 people, its total US$519.4 million in 2025 exports translates to roughly $650 for every resident in the landlocked Asian nation. That dollar metric lags the average $660 per capita one year earlier during 2024.
Bhutan’s Top 10 Exports
The following export product groups represent the highest dollar value in Bhutanese global shipments during 2025. Also shown is the percentage share each export category represents in terms of overall exports from Bhutan.
- Iron, steel: US$260.7 million (50.2% of total exports)
- Salt, sulphur, stone, cement: $159.4 million (30.7%)
- Beverages, spirits, vinegar: $25.7 million (4.9%)
- Optical, technical, medical apparatus: $23.6 million (4.6%)
- Wood: $13.2 million (2.5%)
- Inorganic chemicals: $12 million (2.3%)
- Tin: $8.7 million (1.7%)
- Glass: $5.8 million (1.1%)
- Vegetable/fruit/nut preparations: $3.2 million (0.6%)
- Miscellaneous food preparations: $1.1 million (0.2%)
Bhutan’s top 10 export product categories accounted for 98.9% of the overall value of its global shipments.
Optical, technical or medical apparatus represent the fastest grower among the top 10 export categories, up by 2,364,800% from 2024 to 2025.
In second place for improving export sales was tin via a 22,800% spike.
Bhutan’s shipments of glass posted the third-fastest gain in value up by 6,838%.
The leading decliner among Bhutan’s top 10 export categories was vegetable, fruit or nut preparations thanks to a -29.1% year-over-year drop.
At the more granular four-digit Harmonized Tariff System code level, iron ferroalloys are Bhutan’s most valuable exports accounting for 42.6% of the country’s total. In second place was dolomite (10.3%) trailed by Bhutan’s exports of monumental or building stone such as granite or sandstone (6%), semi-finished iron or non-alloy steel products (5.7%), hydraulic cements (4.7%), pebbles, gravel, broken or crushed stone (4.4%), gypsum or anhydrite plasters (3.6%), malt beer (2.6%), iron or non-alloy steel bars and rods (1.9%) then carbides (1.7%).
Products Generating Bhutan’s Largest Trade Surpluses
The following types of Bhutanese product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.
In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.
- Iron, steel: US$175.4 million (Up by 7.8% since 2024)
- Salt, sulphur, stone, cement: $146.8 million (Down by -1.3%)
- Beverages, spirits, vinegar: $10.1 million (Down by -7.2%)
- Inorganic chemicals: $9 million (Down by -11.2%)
- Tin: $8.7 million (Up by 36141.7%)
- Clocks, watches including parts: $93,000 (Reversing a -$338,000 deficit)
- Woodpulp: $35,000 (Up by 40%)
Bhutan has highly positive net exports in the international trade of the metals iron and steel. In turn, these cashflows indicate Bhutan’s strong competitive advantages under the iron and steel product category.
Products Causing Bhutan’s Worst Trade Deficits
Bhutan incurred an overall -US$1.6 billion product trade deficit for 2025, expanding by 85.8% from -$859.2 million in red ink one year earlier for 2024.
Below are exports from Bhutan that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Bhutan’s goods trail Bhutanese importer spending on foreign products.
- Machinery including computers: -US$696.1 million (Up by 378.7% since 2024)
- Mineral fuels including oil: -$297.7 million (Up by 15.3%)
- Electrical machinery, equipment: -$234.6 million (Up by 23.8%)
- Vehicles: -$109.2 million (Up by 117%)
- Articles of iron or steel: -$50.2 million (Down by -1.1%)
- Cereals: -$45 million (Down by -11.9%)
- Plastics, plastic articles: -$37.8 million (Down by -5.5%)
- Wood: -$32.8 million (Down by -7.8%)
- Animal/vegetable fats, oils, waxes: -$30 million (Up by 16.5%)
- Dairy, eggs, honey: -$25.6 million (Down by -0.7%)
Bhutan has highly negative net exports and therefore deep international trade deficits for machinery including computers.
Bhutanese Export Companies
Not one Bhutanese corporation ranks among Forbes Global 2000 largest companies on the planet.
According to Alibaba.com listings, the following companies are examples of companies located in Bhutan. Within parentheses are products exported from the Eastern Himalayan country.
- Bhutan Exporting Co. (scarves, other clothing)
- Colorful Bhutan (supplements)
- DoriLtd (wood pellets)
- The Himalaya Enterprise (pure honey)
Wikipedia also lists businesses with exposure to international trade operating out of Bhutan. Selected examples are shown below.
- Bhutan Airlines (airliner)
- Bhutan Postal Corp (delivery services)
- Mountain Hazelnuts Group (food products)
- Royal Monetary Authority of Bhutan (central bank)
- Tashi Group (conglomerate)
In macroeconomic terms, Bhutan’s total exported goods represent 3.7% of its overall Gross Domestic Product for 2025 ($14.1 billion valued in Purchasing Power Parity US dollars). That 3.7% for exports to overall GDP in PPP for 2025 compares to 4% for 2024. Those percentages suggest a relatively decreasing reliance on products sold on international markets for Bhutan’s total economic performance, albeit based on a short timeframe.
Another key indicator of a country’s economic performance is its unemployment rate. Bhutan’s unemployment rate averaged 3.4% at March 2026, down from an average 3.6% jobless rate one year prior based on Trading Economics statistics.
Bhutan’s capital city is Thimphu.
See also Top Asian Export Countries, India’s Top 10 Exports, India’s Top Trading Partners and Bangladesh’s Top 10 Exports
Research Sources:
Central Intelligence Agency, The World Factbook South Asia: Bhutan. Accessed on October 11, 2026
EXCHANGE-RATES.org.uk, Exchange Rates: Bhutan ngultrum to US dollars. Accessed on October 11, 2026
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on October 11, 2026
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on October 11, 2026
International Trade Centre, Trade Map. Accessed on October 11, 2026
Investopedia, Net Exports Definition. Accessed on October 11, 2026
Wikipedia, Bhutan. Accessed on October 11, 2026
Wikipedia, Gross domestic product. Accessed on October 11, 2026
Wikipedia, List of Companies of Bhutan. Accessed on October 11, 2026
Wikipedia, Purchasing power parity. Accessed on October 11, 2026