Balanced trade in services in Faroe Islands
Faroe Islands: Balanced trade in services was 0.3741 US dollars, exchange rate converted in 2024. ▲ Rising
Balanced trade in services in Faroe Islands, 2005–2024
Source: Organisation for Economic Co-operation and Development. Measured in US dollars, exchange rate converted.
Analysis
In 2024, balanced trade in services in Faroe Islands stood at 0.3741 US dollars, exchange rate converted. That is the highest value across all 20 years on record.
The figure is up 17.5% on the previous year and up 60.4% over ten years.
Over the whole period, balanced trade in services in Faroe Islands peaked at 0.3741 US dollars, exchange rate converted in 2024 and was at its lowest, 0.1315 US dollars, exchange rate converted, in 2005.
That places Faroe Islands 155th out of 174 countries with data for 2024, putting it in the bottom quarter.
The long-run direction has been consistently rising across the 20 years of available data.
Balanced trade in services in Faroe Islands, year by year
| Year | US dollars, exchange rate converted | Change |
|---|---|---|
| 2005 | 0.1315 US dollars, exchange rate converted | — |
| 2006 | 0.1439 US dollars, exchange rate converted | +9.4% |
| 2007 | 0.1746 US dollars, exchange rate converted | +21.3% |
| 2008 | 0.1885 US dollars, exchange rate converted | +8.0% |
| 2009 | 0.1714 US dollars, exchange rate converted | -9.1% |
| 2010 | 0.1766 US dollars, exchange rate converted | +3.0% |
| 2011 | 0.1905 US dollars, exchange rate converted | +7.8% |
| 2012 | 0.1906 US dollars, exchange rate converted | +0.1% |
| 2013 | 0.2146 US dollars, exchange rate converted | +12.6% |
| 2014 | 0.2333 US dollars, exchange rate converted | +8.7% |
| 2015 | 0.2103 US dollars, exchange rate converted | -9.9% |
| 2016 | 0.2168 US dollars, exchange rate converted | +3.1% |
| 2017 | 0.233 US dollars, exchange rate converted | +7.5% |
| 2018 | 0.2616 US dollars, exchange rate converted | +12.3% |
| 2019 | 0.2658 US dollars, exchange rate converted | +1.6% |
| 2020 | 0.1535 US dollars, exchange rate converted | -42.2% |
| 2021 | 0.2312 US dollars, exchange rate converted | +50.6% |
| 2022 | 0.2863 US dollars, exchange rate converted | +23.8% |
| 2023 | 0.3185 US dollars, exchange rate converted | +11.2% |
| 2024 | 0.3741 US dollars, exchange rate converted | +17.5% |
Faroe Islands compared with similar countries
- Faroe Islands's 0.3741 US dollars, exchange rate converted is below the median for high income countries, which is 7.08 US dollars, exchange rate converted, 5% of the median. (56 countries reporting)
- Faroe Islands's 0.3741 US dollars, exchange rate converted is below the median for Europe & Central Asia, which is 3.39 US dollars, exchange rate converted, 11% of the median. (39 countries reporting)
Biggest year-on-year movements
Years where Balanced trade in services in Faroe Islands changed far more than this series normally does. A large move can be a real event or a change in how the figure was measured — the source note below says who published it.
| Year | Change | From | To |
|---|---|---|---|
| 2020 | -42.2% | 0.2658 US dollars, exchange rate converted | 0.1535 US dollars, exchange rate converted |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 2000s | 0.162 US dollars, exchange rate converted | 0.1315 US dollars, exchange rate converted | 0.1885 US dollars, exchange rate converted | 5 |
| 2010s | 0.2193 US dollars, exchange rate converted | 0.1766 US dollars, exchange rate converted | 0.2658 US dollars, exchange rate converted | 10 |
| 2020s | 0.2727 US dollars, exchange rate converted | 0.1535 US dollars, exchange rate converted | 0.3741 US dollars, exchange rate converted | 5 |
Countries ranked near Faroe Islands
- 152 Togo 0.3782 US dollars, exchange rate converted compare
- 153 Saint Vincent and the Grenadines 0.3774 US dollars, exchange rate converted compare
- 154 Laos 0.3765 US dollars, exchange rate converted compare
- 156 Burundi 0.3683 US dollars, exchange rate converted compare
- 157 Sierra Leone 0.3375 US dollars, exchange rate converted compare
- 158 Djibouti 0.3303 US dollars, exchange rate converted compare
More economy & growth data for Faroe Islands
- Gross capital formation (current US$), per unit of GDP 0.2817 current US$ per US$ of GDP (2024)
- Gross capital formation (current LCU), per unit of GDP 1.94 current LCU per US$ of GDP (2024)
- Households and NPISHs Final consumption expenditure (current US$) 0.4061 current US$ per US$ of GDP (2024)
- Gross capital formation (current LCU), annual growth rate -7.66 % change on previous year (2024)
- Gross capital formation (current US$), per capita 20,895 current US$ per person (2024)
- Gross capital formation (current US$), annual growth rate -7.73 % change on previous year (2024)
- Exports of goods and services (current LCU), per unit of GDP 3.76 current LCU per US$ of GDP (2024)
- Exports of goods and services (current LCU), per capita 279,001 current LCU per person (2024)
- Gross capital formation (current LCU), per capita 144,061 current LCU per person (2024)
- Households and NPISHs Final consumption expenditure (current US$) 30,122 current US$ per person (2024)
Frequently asked questions
- What is balanced trade in services in Faroe Islands?
- Balanced trade in services in Faroe Islands was 0.3741 US dollars, exchange rate converted in 2024, according to Organisation for Economic Co-operation and Development.
- What is the highest balanced trade in services recorded in Faroe Islands?
- The highest recorded value was 0.3741 US dollars, exchange rate converted in 2024.
- What is the lowest balanced trade in services recorded in Faroe Islands?
- The lowest recorded value was 0.1315 US dollars, exchange rate converted in 2005.
- How does Faroe Islands rank for balanced trade in services?
- Faroe Islands ranks 155th out of 174 countries with data for 2024.
- Is balanced trade in services rising or falling in Faroe Islands?
- Over the last ten years it is up 60.4%. The long-run trend across the full record is rising.
- Where does this Faroe Islands data come from?
- The figures come from Organisation for Economic Co-operation and Development, published as part of Balanced trade in services (BaTIS). Statizoid updates them automatically from the source API.
Download this data
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About this data
The OECD-WTO Balanced Trade in Services (BaTIS) dataset is a complete, consistent, and balanced matrix of international trade in services statistics (ITSS). It contains annual bilateral data covering 202 reporters and partners, broken down by total services and 26 EBOPS 2010 (BPM6) categories from 2005 to 2024. BaTIS is the result of joint efforts by the OECD and WTO. Two main features enable BaTIS to stand out as the international benchmark for any analysis on international trade in services: BaTIS is complete and consistent. At present, only around 65% of world trade in services is bilaterally specified, and the percentage is even lower for the individual service categories. The OECD-WTO methodology leverages all available official statistics and combines them with estimations and adjustments to provide users with a complete matrix covering virtually all economies in the world. BaTIS is balanced. To resolve the asymmetries between reported and mirror flows, exports and imports are reconciled by calculating a symmetry-index weighted average between the two, following a similar approach to that developed for international merchandise trade statistics. Batis provides three measures for each trade flow (under the ‘adjustment’ dimension): Reported. Reflects the value officially reported by the country (where available), some values are rescaled to fit world totals. Adjusted and/or imputed. Reflects, in addition to the reported values, any adjustments made to ensure internal consistency as well as the estimations made by the OECD-WTO to fill in the gaps in the reported information. Balanced. Reflects the reconciled bilateral trade flow, where exports equal mirror imports. Official information on bilateral trade flows was collected from OECD, Eurostat, national sources as well as UNSD. The WTO-UNCTAD trade in services dataset, based on a number of primary sources complemented with estimations, was the main source for data with partner world. The BaTIS dataset can be used as a stand-alone input for economic analysis and policy-making. In addition, balanced trade in services data form an essential input to the OECD Trade in Value Added (TiVA) initiative, for which a balanced view of international trade is crucial. BaTIS is intended to be regularly updated and constantly improved as new data become available. For more information on the methodology, please refer to the technical paper accompanying this dataset The OECD-WTO Balanced Trade in Services (BaTIS) For more information on balanced trade statistics, please go to the topic related OECD page Balanced trade statistics Users are encouraged to send their questions, or to signal any apparent errors, regarding this database to STAT.Contact@oecd.org https://www.oecd.org/en/about/directorates/statistics-and-data-directorate.html