Market research

Coal market in Bhutan, 2026

Release date: Mar 30, 2026

Submission: 15 minutes after payment

Research period: 2017-2025

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Earlier Report Observations

From 2018 to 2022, Bhutan's coal market volume showed considerable variation. It began at 199 000 tonnes in 2018, dipped to 186 000 tonnes in 2019, and then fell sharply by 25% to 139 000 tonnes in 2020. The market recovered to 151 000 tonnes in 2021 before surging to 213 000 tonnes in 2022.

The market structure is influenced by Bhutan's role as a leading coal importer from India, with trade facilitated under a bilateral treaty using Indian rupees. At the same time, the country's energy policy strongly favors renewable sources like hydroelectricity, solar, and wind, aiming to create a clean energy mix and reduce long-term reliance on coal.

Table of content

1. Disclaimer
2. Terms of use of the report
3. Product codes in the statistical classifications used in the report
4. Key Market Indicators and Trends
1. 4.1. Key Market Indicators
  1. 4.1.1. In kind
    1. 4.1.1.1. Production, 2018-2022
    2. 4.1.1.2. Imports, 2018-2025
    3. 4.1.1.3. Exports, 2018-2025
    4. 4.1.1.4. Market size, 2018-2022
2. 4.2. Market Trends and Factors
5. Production
1. 5.1. Production in Bhutan
  1. 5.1.1. Annual dynamics of production in Bhutan in kind, 2018-2022, K t
  2. 5.1.2. Annual dynamics of production in Bhutan in value, 2018-2022, $ US
2. 5.2. Global production by Country, 2018-2022
  1. 5.2.1. Annual dynamics of production by country in kind, 2018-2022, K t
  2. 5.2.2. Structure of production by countries in kind, 2018-2022
  3. 5.2.3. Dynamics of peoduction structure by countries in kind, 2018-2022
6. Exports
1. 6.1. Exports (Direct Data*)
  1. 6.1.1. Exports - Total information
  2. 6.1.2. Exports in kind, K t
    1. 6.1.2.1. Annual dynamics of product's exports from Bhutan in kind, 2018-2025, K t
    2. 6.1.2.2. Dynamics of product's exports in kind from Bhutan by countries, 2018-2025, K t
    3. 6.1.2.3. Structure of product's exports in kind by countries, 2018-2025
  3. 6.1.3. Exports in value, K $ US
    1. 6.1.3.1. Annual dynamics of product's exports from Bhutan in value, 2018-2025, K $ US
    2. 6.1.3.2. Dynamics of product's exports in value from Bhutan by countries, 2018-2025, K $ US
    3. 6.1.3.3. Structure of product's exports in value by countries, 2018-2025
  4. 6.1.4. Average price of product's exports, $ US/t
    1. 6.1.4.1. Annual dynamics of average price of product's exports from Bhutan, 2018-2025, $ US/t
    2. 6.1.4.2. Dynamics of average price of product's exports from Bhutan by countries, 2018-2025, $ US/t
2. 6.2. Exports (Mirror Data)
  1. 6.2.1. Exports - Total information
  2. 6.2.2. Exports in kind, K t
    1. 6.2.2.1. Annual dynamics of product's exports from Bhutan in kind, 2018-2025, K t
    2. 6.2.2.2. Dynamics of product's exports in kind from Bhutan by countries, 2018-2025, K t
    3. 6.2.2.3. Structure of product's exports in kind by countries, 2018-2025
  3. 6.2.3. Exports in value, K $ US
    1. 6.2.3.1. Annual dynamics of product's exports from Bhutan in value, 2018-2025, K $ US
    2. 6.2.3.2. Dynamics of product's exports in value from Bhutan by countries, 2018-2025, K $ US
    3. 6.2.3.3. Structure of product's exports in value by countries, 2018-2025
  4. 6.2.4. Average price of product's exports, $ US/t
    1. 6.2.4.1. Annual dynamics of average price of product's exports from Bhutan, 2018-2025, $ US/t
    2. 6.2.4.2. Dynamics of average price of product's exports from Bhutan by countries, 2018-2025, $ US/t
7. Imports
1. 7.1. Imports (Direct Data*)
  1. 7.1.1. Imports - Total information
  2. 7.1.2. Imports in kind, K t
    1. 7.1.2.1. Annual dynamics of product's imports to Bhutan in kind, 2018-2025, K t
    2. 7.1.2.2. Dynamics of product's imports in kind to Bhutan by countries, 2018-2025, K t
    3. 7.1.2.3. Structure of product's imports in kind by countries, 2018-2025
  3. 7.1.3. Imports in value, K $ US
    1. 7.1.3.1. Annual dynamics of product's imports to Bhutan in value, 2018-2025, K $ US
    2. 7.1.3.2. Dynamics of product's imports in value to Bhutan by countries, 2018-2025, K $ US
    3. 7.1.3.3. Structure of product's imports in value by countries, 2018-2025
  4. 7.1.4. Average price of product's imports, $ US/t
    1. 7.1.4.1. Annual dynamics of average price of product's imports to Bhutan, 2018-2025, $ US/t
    2. 7.1.4.2. Dynamics of average price of product's imports to Bhutan by countries, 2018-2025, $ US/t
2. 7.2. Imports (Mirror Data)
  1. 7.2.1. Imports - Total information
  2. 7.2.2. Imports in kind, K t
    1. 7.2.2.1. Annual dynamics of product's imports to Bhutan in kind, 2018-2025, K t
    2. 7.2.2.2. Dynamics of product's imports in kind to Bhutan by countries, 2018-2025, K t
    3. 7.2.2.3. Structure of product's imports in kind by countries, 2018-2025
  3. 7.2.3. Imports in value, K $ US
    1. 7.2.3.1. Annual dynamics of product's imports to Bhutan in value, 2018-2025, K $ US
    2. 7.2.3.2. Dynamics of product's imports in value to Bhutan by countries, 2018-2025, K $ US
    3. 7.2.3.3. Structure of product's imports in value by countries, 2018-2025
  4. 7.2.4. Average price of product's imports, $ US/t
    1. 7.2.4.1. Annual dynamics of average price of product's imports to Bhutan, 2018-2025, $ US/t
    2. 7.2.4.2. Dynamics of average price of product's imports to Bhutan by countries, 2018-2025, $ US/t
8. Trade balance
1. 8.1. Trade balance (Direct Data)
  1. 8.1.1. In kind, K t
  2. 8.1.2. In value, K $ US
2. 8.2. Trade balance (Mirror Data)
  1. 8.2.1. In kind, K t
  2. 8.2.2. In value, K $ US
9. Top buying and selling countries, 2018-2025
1. 9.1. Direct Data
  1. 9.1.1. Import in Value by Countries-buyers
  2. 9.1.2. Export in Value by Countries-suppliers
2. 9.2. Mirror Data
  1. 9.2.1. Import in Value by Countries-buyers
  2. 9.2.2. Export in Value by Countries-suppliers

Production coal in Bhutan

In kind, 2018-2021, K t

Top producers of coal, 2018-2021

Source: SHEV.io

World map of production of coal, 2018-2021

Source: SHEV.io

Bhutan's coal production rebounded in 2021 after two years of decline. The country produced 111.5 K t of coal that year, marking a significant 53.1% increase compared to 2020. Looking at the broader period from 2018 to 2021, production fell by 40.3%, which translates to an annualized decrease of 15.8%. The lowest production level was recorded in 2020 at 72.8 K t, with the steepest year-on-year drop of 60.6% also occurring that year.

Annual dynamics of production in Bhutan in kind, 2018-2021, K t

Parameter		2019	2020	2021	CAGR
1	Change from last year	(1.1%)	(60.6%)	53.1%	(15.8%)

Source: SHEV.io

Exports coal from Bhutan

Exports in kind, t

Bhutan's coal exports declined for the third year in a row in 2021. Exports totaled just 163 t, representing a sharp 62.5% decrease from 2020. Over the four-year period from 2018 to 2021, exports plummeted by 99.5%, with a compound annual growth rate of -82.8%.

Annual dynamics of product's exports from Bhutan in kind, 2018-2021, t

Parameter		2019	2020	2021	CAGR
1	Change from last year	(21.9%)	(98.3%)	(62.5%)	(82.8%)

Source: SHEV.io

From 2018 to 2021, Bhutan's coal exports in volume terms were primarily directed to Nepal and India, which together accounted for 84.3% of total exports. The remaining exports were distributed among various other markets.

Structure of product's exports in kind by countries, 2018-2021

Source: SHEV.io

World map of product's exports from Bhutan in kind, 2018-2021

Source: SHEV.io

Exports in value, K $ US

Coal export revenues from Bhutan fell for the third consecutive year in 2021. Exports were valued at 11 K $ US, showing a sudden 80.5% decline compared to the previous year. Between 2018 and 2021, export revenues dropped by 99.7%, with a compound annual growth rate of -85.2%.

Annual dynamics of product's exports from Bhutan in value, 2018-2021, K $ US

Parameter		2019	2020	2021	CAGR
1	Change from last year	(35.4%)	(97.4%)	(80.5%)	(85.2%)

Source: SHEV.io

Throughout the 2018–2021 period, Nepal and India were the key partners for Bhutan's coal exports in value terms, together making up 88.9% of total export revenues. Other countries accounted for the remaining share.

Structure of product's exports in value by countries, 2018-2021

Source: SHEV.io

World map of product's exports from Bhutan in value, 2018-2021

Source: SHEV.io

Imports coal to Bhutan

Imports in kind, t

Bhutan's coal imports in volume terms showed noticeable fluctuations from 2018 to 2021. The lowest level was recorded in 2019 at 26 260 t, while imports peaked in 2020 at 66 657 t, making the peak 2.5 times higher than the trough. In 2021, imports stood at 39 852 t, which was a 40.2% decrease from 2020. The largest year-on-year decline occurred in 2019 at 40.7%, while the biggest increase was in 2020 at 153.8%.

Annual dynamics of product's imports to Bhutan in kind, 2018-2021, t

Parameter		2019	2020	2021	CAGR
1	Change from last year	(40.7%)	153.8%	(40.2%)	(3.4%)

Source: SHEV.io

From 2018 to 2021, India was the dominant and nearly exclusive source for Bhutan's coal imports in volume terms, accounting for 100.0% of total imports.

Structure of product's imports in kind by countries, 2018-2021

Source: SHEV.io

World map of product's imports to Bhutan in kind, 2018-2021

Source: SHEV.io

Imports in value, K $ US

Bhutan's coal import expenditures exhibited an unstable trend between 2018 and 2021. The lowest value was recorded in 2019 at 3 985 K $ US, while the highest was in 2020 at 9 111 K $ US, with the peak being 2.3 times the trough. In 2021, import spending amounted to 5 788 K $ US, reflecting a sharp 36.5% year-on-year decrease. The steepest decline occurred in 2019 at 49.4%, and the largest increase was in 2020 at 128.6%.

Annual dynamics of product's imports to Bhutan in value, 2018-2021, K $ US

Parameter		2019	2020	2021	CAGR
1	Change from last year	(49.4%)	128.6%	(36.5%)	(9.7%)

Source: SHEV.io

Throughout the 2018–2021 period, India remained the almost exclusive supplier of coal to Bhutan in value terms, with a 100.0% share of total import expenditures.

Structure of product's imports in value by countries, 2018-2021

Source: SHEV.io

World map of product's imports to Bhutan in value, 2018-2021

Source: SHEV.io