Imports of goods and services (current LCU) in Faroe Islands
Faroe Islands: Imports of goods and services (current LCU) was 14.31 billion current LCU in 2024. ◆ Volatile
Latest (2024)
14.31 billion current LCU
Change on year
down 6.2%
World rank
159th
of 193 countries
All-time high
15.73 billion current LCU
in 2022
All-time low
135.70 million current LCU
in 1962
Years of data
63
1962–2024
Imports of goods and services in Faroe Islands, 1962–2024
Source: Country official statistics, National Statistical Offices (NSOs). Measured in current LCU.
Analysis
In 2024, imports of goods and services in Faroe Islands stood at 14.31 billion current LCU.
The figure is down 6.2% on the previous year and up 65.9% over ten years.
Over the whole period, imports of goods and services in Faroe Islands peaked at 15.73 billion current LCU in 2022 and was at its lowest, 135.70 million current LCU, in 1962.
That places Faroe Islands 159th out of 193 countries with data for 2024, putting it in the bottom quarter.
The series is highly variable year to year, so single readings are best treated with caution.
Imports of goods and services (current LCU) in Faroe Islands, year by year
| Year | current LCU | Change |
|---|---|---|
| 1962 | 135.70 million current LCU | — |
| 1963 | 138.40 million current LCU | +2.0% |
| 1964 | 161.80 million current LCU | +16.9% |
| 1965 | 182.30 million current LCU | +12.7% |
| 1966 | 195.20 million current LCU | +7.1% |
| 1967 | 186.30 million current LCU | -4.6% |
| 1968 | 211.40 million current LCU | +13.5% |
| 1969 | 234.50 million current LCU | +10.9% |
| 1970 | 228.40 million current LCU | -2.6% |
| 1971 | 301.10 million current LCU | +31.8% |
| 1972 | 325.70 million current LCU | +8.2% |
| 1973 | 412.30 million current LCU | +26.6% |
| 1974 | 636.80 million current LCU | +54.5% |
| 1975 | 651.20 million current LCU | +2.3% |
| 1976 | 789.50 million current LCU | +21.2% |
| 1977 | 910.70 million current LCU | +15.4% |
| 1978 | 986.00 million current LCU | +8.3% |
| 1979 | 1.08 billion current LCU | +9.8% |
| 1980 | 1.25 billion current LCU | +15.6% |
| 1981 | 1.53 billion current LCU | +21.9% |
| 1982 | 1.69 billion current LCU | +10.5% |
| 1983 | 2.20 billion current LCU | +30.4% |
| 1984 | 2.72 billion current LCU | +23.7% |
| 1985 | 2.63 billion current LCU | -3.3% |
| 1986 | 2.87 billion current LCU | +9.2% |
| 1987 | 3.23 billion current LCU | +12.6% |
| 1988 | 3.22 billion current LCU | -0.4% |
| 1989 | 2.53 billion current LCU | -21.5% |
| 1990 | 2.08 billion current LCU | -17.6% |
| 1991 | 1.94 billion current LCU | -7.1% |
| 1992 | 2.01 billion current LCU | +3.8% |
| 1993 | 1.43 billion current LCU | -29.0% |
| 1994 | 1.55 billion current LCU | +8.9% |
| 1995 | 1.77 billion current LCU | +13.7% |
| 1996 | 2.81 billion current LCU | +58.9% |
| 1997 | 3.02 billion current LCU | +7.4% |
| 1998 | 3.33 billion current LCU | +10.4% |
| 1999 | 4.07 billion current LCU | +22.3% |
| 2000 | 5.11 billion current LCU | +25.5% |
| 2001 | 5.15 billion current LCU | +0.9% |
| 2002 | 4.99 billion current LCU | -3.1% |
| 2003 | 6.08 billion current LCU | +21.9% |
| 2004 | 5.14 billion current LCU | -15.6% |
| 2005 | 6.22 billion current LCU | +21.0% |
| 2006 | 6.67 billion current LCU | +7.3% |
| 2007 | 7.31 billion current LCU | +9.5% |
| 2008 | 7.30 billion current LCU | -0.1% |
| 2009 | 6.55 billion current LCU | -10.3% |
| 2010 | 6.62 billion current LCU | +1.1% |
| 2011 | 7.19 billion current LCU | +8.6% |
| 2012 | 9.08 billion current LCU | +26.4% |
| 2013 | 8.86 billion current LCU | -2.5% |
| 2014 | 8.62 billion current LCU | -2.6% |
| 2015 | 9.07 billion current LCU | +5.2% |
| 2016 | 9.47 billion current LCU | +4.4% |
| 2017 | 10.01 billion current LCU | +5.7% |
| 2018 | 10.88 billion current LCU | +8.7% |
| 2019 | 11.51 billion current LCU | +5.8% |
| 2020 | 10.44 billion current LCU | -9.3% |
| 2021 | 11.98 billion current LCU | +14.7% |
| 2022 | 15.73 billion current LCU | +31.3% |
| 2023 | 15.25 billion current LCU | -3.0% |
| 2024 | 14.31 billion current LCU | -6.2% |
Faroe Islands compared with similar countries
- Faroe Islands's 14.31 billion current LCU is below the median for high income countries, which is 188.39 billion current LCU, 8% of the median. (72 countries reporting)
- Faroe Islands's 14.31 billion current LCU is below the median for Europe & Central Asia, which is 525.48 billion current LCU, 3% of the median. (52 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1960s | 180.70 million current LCU | 135.70 million current LCU | 234.50 million current LCU | 8 |
| 1970s | 632.46 million current LCU | 228.40 million current LCU | 1.08 billion current LCU | 10 |
| 1980s | 2.39 billion current LCU | 1.25 billion current LCU | 3.23 billion current LCU | 10 |
| 1990s | 2.40 billion current LCU | 1.43 billion current LCU | 4.07 billion current LCU | 10 |
| 2000s | 6.05 billion current LCU | 4.99 billion current LCU | 7.31 billion current LCU | 10 |
| 2010s | 9.13 billion current LCU | 6.62 billion current LCU | 11.51 billion current LCU | 10 |
| 2020s | 13.54 billion current LCU | 10.44 billion current LCU | 15.73 billion current LCU | 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 imports of goods and services in Faroe Islands?
- Imports of goods and services in Faroe Islands was 14.31 billion current LCU in 2024, according to Country official statistics, National Statistical Offices (NSOs).
- What is the highest imports of goods and services recorded in Faroe Islands?
- The highest recorded value was 15.73 billion current LCU in 2022.
- What is the lowest imports of goods and services recorded in Faroe Islands?
- The lowest recorded value was 135.70 million current LCU in 1962.
- How does Faroe Islands rank for imports of goods and services?
- Faroe Islands ranks 159th out of 193 countries with data for 2024.
- Is imports of goods and services rising or falling in Faroe Islands?
- Over the last ten years it is up 65.9%. 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 Offices (NSOs), published as part of Imports of goods and services (current LCU). Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 63 observations, free to reuse under CC BY 4.0 (World Bank Open Data).
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 series is expressed in local currency units.