Imports of goods and services (BoP, current US$) in Faroe Islands
Faroe Islands: Imports of goods and services (BoP, current US$) was 1.34 billion BoP, current US$ in 2011. ▲ Rising
Imports of goods and services in Faroe Islands, 1998–2011
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in BoP, current US$.
Analysis
Faroe Islands recorded 1.34 billion BoP, current US$ for imports of goods and services in 2011. That is the highest value across all 14 years on record.
The figure is up 20.9% on the previous year and up 130.0% over ten years.
Over the whole period, imports of goods and services in Faroe Islands peaked at 1.34 billion BoP, current US$ in 2011 and was at its lowest, 463.63 million BoP, current US$, in 1998.
That places Faroe Islands 177th out of 200 countries with data for 2011, putting it in the bottom quarter.
The long-run direction has been consistently rising across the 14 years of available data.
Imports of goods and services (BoP, current US$) in Faroe Islands, year by year
| Year | BoP, current US$ | Change |
|---|---|---|
| 1998 | 463.63 million BoP, current US$ | — |
| 1999 | 549.55 million BoP, current US$ | +18.5% |
| 2000 | 611.76 million BoP, current US$ | +11.3% |
| 2001 | 584.09 million BoP, current US$ | -4.5% |
| 2002 | 603.64 million BoP, current US$ | +3.3% |
| 2003 | 830.44 million BoP, current US$ | +37.6% |
| 2004 | 769.63 million BoP, current US$ | -7.3% |
| 2005 | 908.69 million BoP, current US$ | +18.1% |
| 2006 | 1.03 billion BoP, current US$ | +12.9% |
| 2007 | 1.33 billion BoP, current US$ | +29.7% |
| 2008 | 1.32 billion BoP, current US$ | -0.5% |
| 2009 | 1.10 billion BoP, current US$ | -17.3% |
| 2010 | 1.11 billion BoP, current US$ | +1.4% |
| 2011 | 1.34 billion BoP, current US$ | +20.9% |
Faroe Islands compared with similar countries
- Faroe Islands's 1.34 billion BoP, current US$ is below the median for high income countries, which is 66.46 billion BoP, current US$, 2% of the median. (72 countries reporting)
- Faroe Islands's 1.34 billion BoP, current US$ is below the median for Europe & Central Asia, which is 80.29 billion BoP, current US$, 2% of the median. (51 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 506.59 million BoP, current US$ | 463.63 million BoP, current US$ | 549.55 million BoP, current US$ | 2 |
| 2000s | 908.29 million BoP, current US$ | 584.09 million BoP, current US$ | 1.33 billion BoP, current US$ | 10 |
| 2010s | 1.23 billion BoP, current US$ | 1.11 billion BoP, current US$ | 1.34 billion BoP, current US$ | 2 |
Countries ranked near Faroe Islands
- 174 Burundi 1.50 billion BoP, current US$ compare
- 175 Sint Maarten (Dutch part) 1.49 billion BoP, current US$
- 176 Antigua and Barbuda 1.41 billion BoP, current US$ compare
- 178 East Timor 1.32 billion BoP, current US$ compare
- 179 Grenada 1.01 billion BoP, current US$ compare
- 180 Solomon Islands 857.13 million BoP, current US$ compare
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$), annual growth rate -7.73 % change on previous year (2024)
Frequently asked questions
- What is imports of goods and services in Faroe Islands?
- Imports of goods and services in Faroe Islands was 1.34 billion BoP, current US$ in 2011, according to Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF).
- What is the highest imports of goods and services recorded in Faroe Islands?
- The highest recorded value was 1.34 billion BoP, current US$ in 2011.
- What is the lowest imports of goods and services recorded in Faroe Islands?
- The lowest recorded value was 463.63 million BoP, current US$ in 1998.
- How does Faroe Islands rank for imports of goods and services?
- Faroe Islands ranks 177th out of 200 countries with data for 2011.
- Is imports of goods and services rising or falling in Faroe Islands?
- Over the last ten years it is up 130.0%. The long-run trend across the full record is rising.
- Where does this Faroe Islands data come from?
- The figures come from Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF), published as part of Imports of goods and services (BoP, current US$). Statizoid updates them automatically from the source API.
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About this data
Imports of goods includes change in the economic ownership of goods from non-residents to residents of the compiling economy, irrespective of physical movement of goods across national borders. Imports of services includes services provided by non-residents to residents. 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.