External balance on goods and services in Faroe Islands
Faroe Islands: External balance on goods and services was 136.17 million current US$ in 2024. β Volatile
External balance on goods and services in Faroe Islands, 1965β2024
Source: Country official statistics, National Statistical Organizations and/or Central Banks. Measured in current US$.
Analysis
Faroe Islands recorded 136.17 million current US$ for external balance on goods and services in 2024.
The figure is up 227.9% on the previous year and up 581.1% over ten years.
Over the whole period, external balance on goods and services in Faroe Islands peaked at 163.66 million current US$ in 2017 and was at its lowest, -356.63 million current US$, in 2007.
That places Faroe Islands 76th out of 192 countries with data for 2024, putting it in the middle of the range.
The series is highly variable year to year, so single readings are best treated with caution.
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1960s | -5.08 million current US$ | -7.64 million current US$ | -1.26 million current US$ | 5 |
| 1970s | -17.57 million current US$ | -55.09 million current US$ | 9.77 million current US$ | 10 |
| 1980s | -72.32 million current US$ | -125.38 million current US$ | 4.38 million current US$ | 10 |
| 1990s | 57.51 million current US$ | -33.47 million current US$ | 137.11 million current US$ | 10 |
| 2000s | -187.41 million current US$ | -356.63 million current US$ | -6.32 million current US$ | 10 |
| 2010s | -10.16 million current US$ | -292.24 million current US$ | 163.66 million current US$ | 10 |
| 2020s | 29.26 million current US$ | -44.74 million current US$ | 136.17 million current US$ | 5 |
Countries ranked near Faroe Islands
- 73 Estonia 453.75 million current US$ compare
- 74 Turkmenistan 386.28 million current US$ compare
- 75 Aruba, Kingdom of the Netherlands 325.03 million current US$ compare
- 77 Belize 47.23 million current US$ compare
- 78 Eswatini, Kingdom of 1.51 million current US$ compare
- 79 Maldives -3.21 million current US$ compare
More economy & growth data for Faroe Islands
- Industry (including construction), value added 741.68 million current US$ (2024)
- Trade 105.8% (2024)
- Agriculture, forestry, and fishing, value added 4.49 billion current LCU (2024)
- Manufacturing, value added 383.50 million current US$ (2024)
- Manufacturing, value added 2.64 billion current LCU (2024)
- Manufacturing, value added 9.5% (2024)
- Services, value added 2.18 billion current US$ (2024)
- Services, value added 53.8% (2024)
- Services, value added 15.04 billion current LCU (2024)
- External balance on goods and services 3.4% (2024)
Frequently asked questions
- What is external balance on goods and services in Faroe Islands?
- External balance on goods and services in Faroe Islands was 136.17 million current US$ in 2024, according to Country official statistics, National Statistical Organizations and/or Central Banks.
- What is the highest external balance on goods and services recorded in Faroe Islands?
- The highest recorded value was 163.66 million current US$ in 2017.
- What is the lowest external balance on goods and services recorded in Faroe Islands?
- The lowest recorded value was -356.63 million current US$ in 2007.
- How does Faroe Islands rank for external balance on goods and services?
- Faroe Islands ranks 76th out of 192 countries with data for 2024.
- Is external balance on goods and services rising or falling in Faroe Islands?
- Over the last ten years it is up 581.1%. The long-run trend across the full record is volatile.
- Where does this Faroe Islands data come from?
- The figures come from Country official statistics, National Statistical Organizations and/or Central Banks, published as part of External balance on goods and services (current US$). Statizoid updates them automatically from the source API.
Download this data
CSV Β· JSON β 60 observations, free to reuse under CC BY 4.0 (World Bank Open Data).
About this data
The balance of international trade in goods and services is the difference between the exports and imports of goods and services. This indicator is expressed in current prices, meaning no adjustment has been made to account for price changes over time. This indicator is expressed in United States dollars.