External balance on goods and services (current US$) (US current) in Faroe Islands
Faroe Islands: External balance on goods and services (current US$) (US current) was 136.17 million current US$ in 2024. ◆ Volatile
Latest (2024)
136.17 million current US$
Change on year
up 227.9%
World rank
76th
of 193 countries
All-time high
163.66 million current US$
in 2017
All-time low
-356.63 million current US$
in 2007
Years of data
60
1965–2024
External balance on goods and services in Faroe Islands, 1965–2024
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$, in 2007.
That places Faroe Islands 76th out of 193 countries with data for 2024, putting it in the middle of the range.
The series is highly variable year to year, so single readings are best treated with caution.
External balance on goods and services (current US$) (US current) in Faroe Islands, year by year
| Year | current US$ | Change |
|---|---|---|
| 1965 | -2.10 million current US$ | — |
| 1966 | -7.43 million current US$ | +253.8% |
| 1967 | -1.26 million current US$ | -83.0% |
| 1968 | -7.64 million current US$ | +504.0% |
| 1969 | -6.97 million current US$ | -8.7% |
| 1970 | 3.01 million current US$ | -143.2% |
| 1971 | -3.02 million current US$ | -200.2% |
| 1972 | -518,038 current US$ | -82.8% |
| 1973 | 9.77 million current US$ | -1985.8% |
| 1974 | -24.76 million current US$ | -353.4% |
| 1975 | -32.58 million current US$ | +31.6% |
| 1976 | -26.15 million current US$ | -19.7% |
| 1977 | -8.11 million current US$ | -69.0% |
| 1978 | -38.30 million current US$ | +372.1% |
| 1979 | -55.09 million current US$ | +43.8% |
| 1980 | -43.44 million current US$ | -21.1% |
| 1981 | -47.76 million current US$ | +10.0% |
| 1982 | -52.83 million current US$ | +10.6% |
| 1983 | -69.47 million current US$ | +31.5% |
| 1984 | -100.37 million current US$ | +44.5% |
| 1985 | -65.02 million current US$ | -35.2% |
| 1986 | -103.70 million current US$ | +59.5% |
| 1987 | -119.58 million current US$ | +15.3% |
| 1988 | -125.38 million current US$ | +4.8% |
| 1989 | 4.38 million current US$ | -103.5% |
| 1990 | 84.35 million current US$ | +1826.9% |
| 1991 | 137.11 million current US$ | +62.5% |
| 1992 | 108.84 million current US$ | -20.6% |
| 1993 | 113.36 million current US$ | +4.1% |
| 1994 | 86.47 million current US$ | -23.7% |
| 1995 | 51.94 million current US$ | -39.9% |
| 1996 | 9.14 million current US$ | -82.4% |
| 1997 | -1.36 million current US$ | -114.9% |
| 1998 | 18.68 million current US$ | -1471.1% |
| 1999 | -33.47 million current US$ | -279.1% |
| 2000 | -84.03 million current US$ | +151.0% |
| 2001 | -20.63 million current US$ | -75.4% |
| 2002 | -6.32 million current US$ | -69.4% |
| 2003 | -220.99 million current US$ | +3396.3% |
| 2004 | -103.69 million current US$ | -53.1% |
| 2005 | -296.89 million current US$ | +186.3% |
| 2006 | -278.35 million current US$ | -6.2% |
| 2007 | -356.63 million current US$ | +28.1% |
| 2008 | -287.50 million current US$ | -19.4% |
| 2009 | -219.12 million current US$ | -23.8% |
| 2010 | -87.14 million current US$ | -60.2% |
| 2011 | -24.49 million current US$ | -71.9% |
| 2012 | -292.24 million current US$ | +1093.1% |
| 2013 | -85.45 million current US$ | -70.8% |
| 2014 | 19.99 million current US$ | -123.4% |
| 2015 | 21.17 million current US$ | +5.9% |
| 2016 | 127.16 million current US$ | +500.8% |
| 2017 | 163.66 million current US$ | +28.7% |
| 2018 | -39.50 million current US$ | -124.1% |
| 2019 | 95.26 million current US$ | -341.2% |
| 2020 | -44.74 million current US$ | -147.0% |
| 2021 | 17.50 million current US$ | -139.1% |
| 2022 | -4.14 million current US$ | -123.7% |
| 2023 | 41.53 million current US$ | -1102.9% |
| 2024 | 136.17 million current US$ | +227.9% |
Faroe Islands compared with similar countries
- Faroe Islands's 136.17 million current US$ is below the median for high income countries, which is 3.43 billion current US$, 4% of the median. (72 countries reporting)
- Faroe Islands's 136.17 million current US$ is above the median for Europe & Central Asia, which is -50.32 million current US$. (52 countries reporting)
Biggest year-on-year movements
Years where External balance on goods and services (current US$) (US current) 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 |
|---|---|---|---|
| 2003 | -3396.3% | -6.32 million current US$ | -220.99 million current US$ |
| 1973 | +1985.8% | -518,038 current US$ | 9.77 million current US$ |
| 1990 | +1826.9% | 4.38 million current US$ | 84.35 million current US$ |
| 1998 | +1471.1% | -1.36 million current US$ | 18.68 million current US$ |
| 2012 | -1093.1% | -24.49 million current US$ | -292.24 million current US$ |
| 2023 | +1102.9% | -4.14 million current US$ | 41.53 million current US$ |
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
More economy & growth data for Faroe Islands
- Households and NPISHs Final consumption expenditure (current US$) 2.82 % change on previous year (2024)
- General government final consumption expenditure (current LCU), per 142,484 current LCU per person (2024)
- Gross capital formation (current LCU), annual growth rate -7.66 % change on previous year (2024)
- Gross capital formation (current US$), per capita 20,895 current US$ per person (2024)
- Gross capital formation (current US$), per unit of GDP 0.2817 current US$ per US$ of GDP (2024)
- Exports of goods and services (current LCU), per capita 279,001 current LCU per person (2024)
- Households and NPISHs Final consumption expenditure (current US$) 0.4061 current US$ per US$ of GDP (2024)
- Exports of goods and services (current LCU), per unit of GDP 3.76 current LCU per US$ of GDP (2024)
- Gross capital formation (current LCU), per unit of GDP 1.94 current LCU per US$ of GDP (2024)
- Gross capital formation (current US$), annual growth rate -7.73 % change on previous year (2024)
Frequently asked questions
- What is external balance on goods and services in Faroe Islands?
- External balance on goods and services in Faroe Islands was 136.17 million current US$ 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 193 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 · JSON — 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.