Imports of goods and services (current US$) in Faroe Islands
Faroe Islands: Imports of goods and services (current US$) was 2.07 billion current US$ in 2024. ◆ Volatile
Latest (2024)
2.07 billion current US$
Change on year
down 6.3%
World rank
167th
of 193 countries
All-time high
2.22 billion current US$
in 2022
All-time low
26.39 million current US$
in 1965
Years of data
60
1965–2024
Imports of goods and services in Faroe Islands, 1965–2024
Source: Country official statistics, National Statistical Offices (NSOs). Measured in current US$.
Analysis
Faroe Islands recorded 2.07 billion current US$ for imports of goods and services in 2024.
Compared with earlier readings it is down 6.3% on the previous year and up 35.0% over ten years.
Over the whole period, imports of goods and services in Faroe Islands peaked at 2.22 billion current US$ in 2022 and was at its lowest, 26.39 million current US$, in 1965.
That places Faroe Islands 167th out of 193 countries with data for 2024, putting it in the bottom quarter.
The series is highly variable year to year, so single readings are best treated with caution.
Imports of goods and services (current US$) in Faroe Islands, year by year
| Year | current US$ | Change |
|---|---|---|
| 1965 | 26.39 million current US$ | — |
| 1966 | 28.26 million current US$ | +7.1% |
| 1967 | 26.78 million current US$ | -5.2% |
| 1968 | 28.19 million current US$ | +5.3% |
| 1969 | 31.27 million current US$ | +10.9% |
| 1970 | 30.45 million current US$ | -2.6% |
| 1971 | 40.60 million current US$ | +33.3% |
| 1972 | 46.87 million current US$ | +15.4% |
| 1973 | 68.15 million current US$ | +45.4% |
| 1974 | 104.48 million current US$ | +53.3% |
| 1975 | 113.33 million current US$ | +8.5% |
| 1976 | 130.60 million current US$ | +15.2% |
| 1977 | 151.70 million current US$ | +16.2% |
| 1978 | 178.80 million current US$ | +17.9% |
| 1979 | 205.84 million current US$ | +15.1% |
| 1980 | 222.11 million current US$ | +7.9% |
| 1981 | 214.27 million current US$ | -3.5% |
| 1982 | 202.39 million current US$ | -5.5% |
| 1983 | 240.48 million current US$ | +18.8% |
| 1984 | 262.59 million current US$ | +9.2% |
| 1985 | 248.20 million current US$ | -5.5% |
| 1986 | 354.96 million current US$ | +43.0% |
| 1987 | 472.64 million current US$ | +33.2% |
| 1988 | 478.50 million current US$ | +1.2% |
| 1989 | 346.09 million current US$ | -27.7% |
| 1990 | 336.75 million current US$ | -2.7% |
| 1991 | 302.67 million current US$ | -10.1% |
| 1992 | 332.83 million current US$ | +10.0% |
| 1993 | 219.93 million current US$ | -33.9% |
| 1994 | 244.16 million current US$ | +11.0% |
| 1995 | 315.22 million current US$ | +29.1% |
| 1996 | 484.08 million current US$ | +53.6% |
| 1997 | 456.51 million current US$ | -5.7% |
| 1998 | 496.69 million current US$ | +8.8% |
| 1999 | 583.35 million current US$ | +17.4% |
| 2000 | 631.83 million current US$ | +8.3% |
| 2001 | 618.90 million current US$ | -2.0% |
| 2002 | 631.93 million current US$ | +2.1% |
| 2003 | 923.48 million current US$ | +46.1% |
| 2004 | 857.45 million current US$ | -7.2% |
| 2005 | 1.04 billion current US$ | +20.9% |
| 2006 | 1.12 billion current US$ | +8.2% |
| 2007 | 1.34 billion current US$ | +19.6% |
| 2008 | 1.43 billion current US$ | +6.7% |
| 2009 | 1.22 billion current US$ | -14.7% |
| 2010 | 1.18 billion current US$ | -3.7% |
| 2011 | 1.34 billion current US$ | +13.7% |
| 2012 | 1.57 billion current US$ | +17.2% |
| 2013 | 1.58 billion current US$ | +0.6% |
| 2014 | 1.54 billion current US$ | -2.6% |
| 2015 | 1.35 billion current US$ | -12.2% |
| 2016 | 1.41 billion current US$ | +4.3% |
| 2017 | 1.52 billion current US$ | +7.7% |
| 2018 | 1.72 billion current US$ | +13.7% |
| 2019 | 1.73 billion current US$ | +0.2% |
| 2020 | 1.60 billion current US$ | -7.5% |
| 2021 | 1.91 billion current US$ | +19.4% |
| 2022 | 2.22 billion current US$ | +16.7% |
| 2023 | 2.21 billion current US$ | -0.4% |
| 2024 | 2.07 billion current US$ | -6.3% |
Faroe Islands compared with similar countries
- Faroe Islands's 2.07 billion current US$ is below the median for high income countries, which is 67.79 billion current US$, 3% of the median. (72 countries reporting)
- Faroe Islands's 2.07 billion current US$ is below the median for Europe & Central Asia, which is 71.13 billion current US$, 3% of the median. (52 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1960s | 28.18 million current US$ | 26.39 million current US$ | 31.27 million current US$ | 5 |
| 1970s | 107.08 million current US$ | 30.45 million current US$ | 205.84 million current US$ | 10 |
| 1980s | 304.22 million current US$ | 202.39 million current US$ | 478.50 million current US$ | 10 |
| 1990s | 377.22 million current US$ | 219.93 million current US$ | 583.35 million current US$ | 10 |
| 2000s | 981.79 million current US$ | 618.90 million current US$ | 1.43 billion current US$ | 10 |
| 2010s | 1.49 billion current US$ | 1.18 billion current US$ | 1.73 billion current US$ | 10 |
| 2020s | 2.00 billion current US$ | 1.60 billion current US$ | 2.22 billion 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$), annual growth rate -7.73 % change on previous year (2024)
Frequently asked questions
- What is imports of goods and services in Faroe Islands?
- Imports of goods and services in Faroe Islands was 2.07 billion current US$ 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 2.22 billion current US$ in 2022.
- What is the lowest imports of goods and services recorded in Faroe Islands?
- The lowest recorded value was 26.39 million current US$ in 1965.
- How does Faroe Islands rank for imports of goods and services?
- Faroe Islands ranks 167th 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 35.0%. 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 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
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.