Bhutan will diversify its export market outside the SAARC region, the country’s Economic Minister Loknath Sharma said, adding that five more exportable items will be identified in the future. 

“Bhutan would participate in a trade fair other than the SAARC region to introduce our products,” Sharma was quoted as saying by Kuensel newspaper in parliament on Monday. He further said that the government has started a trade information portal to understand export avenues.   

The minister’s remark came in response to a question from a lawmaker who asked about the government’s plans for the diversification of the country’s export. 

“Today, we export 90 percent to India. Markets have to be diversified. The top 10 export goods are mostly raw materials, such as silicon, stone, and dolomite, which lacks value addition,” Passang Dorgi, Bhutanese lawmaker, highlighted in parliament. 

Last year, Bhutan exported goods worth around $650 million while imported goods worth around $904 million, resulting in a trade deficit of $254 million. Exports increased by two percent, mainly because of energy exports from the  Mangdechhu Hydropower Project. However, non-hydro power export reduced by 31 percent. 

Sharma, while responding to questions, acknowledged that export opportunities for the country are scarce given the economic condition and its limited resources. “Our export is mostly mining and mineral products. “Ferrosilicon, silicon carbide, and cement are value-added products,” he said. 

(SAM)