Exports of goods and services in Faroe Islands
Faroe Islands: Exports of goods and services was 54.6% in 2024. ▲ Rising
Exports of goods and services in Faroe Islands, 1962–2024
Source: Country official statistics, National Statistical Offices (NSOs). Measured in % of GDP.
Analysis
In 2024, exports of goods and services in Faroe Islands stood at 54.6%.
That represents a change of down 4.6% on the previous year and up 2.1% over ten years.
Over the whole period, exports of goods and services in Faroe Islands peaked at 61.4% in 2022 and was at its lowest, 31.5%, in 1968.
That places Faroe Islands 49th out of 193 countries with data for 2024, putting it in the top quarter.
The long-run direction has been consistently rising across the 63 years of available data.
Exports of goods and services in Faroe Islands, year by year
| Year | % of GDP | Change |
|---|---|---|
| 1962 | 46.5% | — |
| 1963 | 41.7% | -10.4% |
| 1964 | 36.7% | -12.0% |
| 1965 | 41.9% | +14.3% |
| 1966 | 32.4% | -22.8% |
| 1967 | 38.5% | +19.1% |
| 1968 | 31.5% | -18.2% |
| 1969 | 34.7% | +9.9% |
| 1970 | 39.4% | +13.7% |
| 1971 | 37.9% | -3.9% |
| 1972 | 38.8% | +2.6% |
| 1973 | 48.3% | +24.4% |
| 1974 | 40.5% | -16.2% |
| 1975 | 35.5% | -12.4% |
| 1976 | 38.6% | +8.8% |
| 1977 | 41.3% | +6.9% |
| 1978 | 35.3% | -14.5% |
| 1979 | 33.6% | -4.8% |
| 1980 | 36.2% | +7.8% |
| 1981 | 36.5% | +0.7% |
| 1982 | 33.7% | -7.7% |
| 1983 | 35.1% | +4.3% |
| 1984 | 38.1% | +8.3% |
| 1985 | 39.9% | +4.7% |
| 1986 | 36.5% | -8.5% |
| 1987 | 39.8% | +9.2% |
| 1988 | 36.5% | -8.5% |
| 1989 | 40.2% | +10.3% |
| 1990 | 43.8% | +9.0% |
| 1991 | 48.4% | +10.4% |
| 1992 | 48.4% | +0.1% |
| 1993 | 43.8% | -9.5% |
| 1994 | 43.6% | -0.5% |
| 1995 | 40.7% | -6.5% |
| 1996 | 49.8% | +22.4% |
| 1997 | 48.7% | -2.2% |
| 1998 | 46.7% | -4.3% |
| 1999 | 48.8% | +4.5% |
| 2000 | 51.3% | +5.3% |
| 2001 | 51.6% | +0.4% |
| 2002 | 49.1% | -4.8% |
| 2003 | 46.8% | -4.7% |
| 2004 | 43.7% | -6.6% |
| 2005 | 42.0% | -3.8% |
| 2006 | 41.8% | -0.6% |
| 2007 | 42.1% | +0.8% |
| 2008 | 46.0% | +9.1% |
| 2009 | 43.7% | -5.0% |
| 2010 | 46.7% | +7.0% |
| 2011 | 52.4% | +12.2% |
| 2012 | 52.6% | +0.2% |
| 2013 | 55.4% | +5.5% |
| 2014 | 53.4% | -3.7% |
| 2015 | 53.2% | -0.4% |
| 2016 | 54.5% | +2.5% |
| 2017 | 56.4% | +3.4% |
| 2018 | 52.8% | -6.3% |
| 2019 | 55.8% | +5.6% |
| 2020 | 47.4% | -15.0% |
| 2021 | 52.0% | +9.6% |
| 2022 | 61.4% | +18.1% |
| 2023 | 57.2% | -6.8% |
| 2024 | 54.6% | -4.6% |
Faroe Islands compared with similar countries
- Faroe Islands's 54.6% is above the median for high income countries, which is 52.0%, 1.0× the median. (72 countries reporting)
- Faroe Islands's 54.6% is above the median for Europe & Central Asia, which is 46.4%, 1.2× the median. (52 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1960s | 38.0% | 31.5% | 46.5% | 8 |
| 1970s | 38.9% | 33.6% | 48.3% | 10 |
| 1980s | 37.2% | 33.7% | 40.2% | 10 |
| 1990s | 46.3% | 40.7% | 49.8% | 10 |
| 2000s | 45.8% | 41.8% | 51.6% | 10 |
| 2010s | 53.3% | 46.7% | 56.4% | 10 |
| 2020s | 54.5% | 47.4% | 61.4% | 5 |
Countries ranked near Faroe Islands
More economy & growth data for Faroe Islands
- Exports of goods and services (current US$), per unit of GDP 0.5456 current US$ per US$ of GDP (2024)
- Gross capital formation (current US$), annual growth rate -7.73 % change on previous year (2024)
- Exports of goods and services (current LCU), per capita 279,001 current LCU per person (2024)
- Exports of goods and services (current LCU), per unit of GDP 3.76 current LCU per US$ of GDP (2024)
- Exports of goods and services (current LCU), annual growth rate -1.89 % change on previous year (2024)
- Exports of goods and services (current US$), per capita 40,467 current US$ per person (2024)
- Gross national expenditure (current LCU), per capita 494,217 current LCU per person (2024)
- Gross national expenditure (current LCU), annual growth rate 0.4583 % change on previous year (2024)
- Gross national expenditure (current LCU), per unit of GDP 6.66 current LCU per US$ of GDP (2024)
- Gross capital formation (current US$), per unit of GDP 0.2817 current US$ per US$ of GDP (2024)
Frequently asked questions
- What is exports of goods and services in Faroe Islands?
- Exports of goods and services in Faroe Islands was 54.6% in 2024, according to Country official statistics, National Statistical Offices (NSOs).
- What is the highest exports of goods and services recorded in Faroe Islands?
- The highest recorded value was 61.4% in 2022.
- What is the lowest exports of goods and services recorded in Faroe Islands?
- The lowest recorded value was 31.5% in 1968.
- How does Faroe Islands rank for exports of goods and services?
- Faroe Islands ranks 49th out of 193 countries with data for 2024.
- Is exports of goods and services rising or falling in Faroe Islands?
- Over the last ten years it is up 2.1%. The long-run trend across the full record is rising.
- Where does this Faroe Islands data come from?
- The figures come from Country official statistics, National Statistical Offices (NSOs), published as part of Exports of goods and services (% of GDP). Statizoid updates them automatically from the source API.
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About this data
Exports of goods includes changes in the economic ownership of goods from residents of the compiling economy to non-residents, irrespective of physical movement of goods across national borders. Exports of services includes services provided by residents to non-residents. This indicator is expressed as a percentage of Gross Domestic Product (GDP) which is the total income earned through the production of goods and services in an economic territory during an accounting period.