Bhutan’s exports to Thailand include spices. Bloomberg
THIMPHU: Bhutan’s imports from Thailand surged to Nu 2.67 billion (US$0.031 billion) in 2024, making the South-East Asian country the third-largest source of imported goods.
This is according to the latest figures from the Department of Revenue and Customs.
The value of imports increased by nearly Nu 900 million (US$10.49 million) compared to 2023, when Bhutan imported Nu 1.77 billion (US$0.021 billion) worth of goods from Thailand.
Thailand now accounts for 13.44 per cent of Bhutan’s total imports, excluding those from India.
The main imports include food items such as meat, milk, vegetables, bread, cakes, sauces and chips, along with beverages, books, toilet paper, cereals, textiles and yarn.
Exports to Thailand also saw a sharp increase, rising from Nu 11.25 million (US$0.13 million) in 2023 to Nu 84 million (US$0.28 million) in 2024.
The balance of trade remains significantly skewed, with a deficit of Nu 2.58 billion (US$0.03 billion).
Bhutan’s primary export to Thailand in 2024 was cordyceps. Other significant exports included mushrooms, particularly Matsutake, and spices.
The export basket also included tea, dried fruit, vegetables and woven fabrics, among others.
Bhutan and Thailand signed a free trade agreement (FTA) on April 3, on the sidelines of the 6th Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) in Bangkok, Thailand.
The agreement was signed by Minister of Industry, Commerce, and Employment, Namgyal Dorji, and Minister of Commerce of Thailand Pichai Naripthaphan.
The signing of the FTA comes after four rounds of negotiations completed within a record span of nine months.
The FTA will provide duty free market access for Bhutanese exports to Thailand, and is expected to pave the way for a more seamless and mutually beneficial trade reflecting the shared vision of Bhutan and Thailand to deepen economic ties and enhance bilateral trade.
Speaking at the Thai festival on April 19, Lyonpo Namgyal Dorji said, “Beyond the Free Trade Agreement, which has already reached US$31 million in trade last year, we see immense potential in tourism collaboration.”
The minister said that as Bhutan embarks on the ambitious Gelephu Mindfulness City project, envisioned under the Royal Vision, the country expects to benefit from Thailand’s expertise, resources and assistance. - Kuensel/ANN
