Imports of goods and services in Faroe Islands
Faroe Islands: Imports of goods and services was 51.2% in 2024. ▲ Rising
Imports of goods and services in Faroe Islands, 1962–2024
Source: Country official statistics, National Statistical Offices (NSOs). Measured in % of GDP.
Analysis
The most recent figure for imports of goods and services in Faroe Islands is 51.2%, measured in 2024.
The figure is down 8.8% on the previous year and down 2.9% over ten years.
Over the whole period, imports of goods and services in Faroe Islands peaked at 64.6% in 2012 and was at its lowest, 28.9%, in 1993.
Faroe Islands ranks 83rd of 193 countries on this measure, in the middle of the range.
The long-run direction has been consistently rising across the 63 years of available data.
Imports of goods and services in Faroe Islands, year by year
| Year | % of GDP | Change |
|---|---|---|
| 1962 | 52.2% | — |
| 1963 | 44.4% | -14.9% |
| 1964 | 45.6% | +2.6% |
| 1965 | 45.5% | -0.1% |
| 1966 | 43.9% | -3.6% |
| 1967 | 40.4% | -7.9% |
| 1968 | 43.2% | +6.9% |
| 1969 | 44.6% | +3.1% |
| 1970 | 35.9% | -19.6% |
| 1971 | 40.9% | +14.1% |
| 1972 | 39.3% | -4.0% |
| 1973 | 42.3% | +7.6% |
| 1974 | 53.1% | +25.6% |
| 1975 | 49.8% | -6.1% |
| 1976 | 48.3% | -3.1% |
| 1977 | 43.6% | -9.7% |
| 1978 | 44.9% | +3.0% |
| 1979 | 45.9% | +2.1% |
| 1980 | 45.1% | -1.8% |
| 1981 | 47.0% | +4.2% |
| 1982 | 45.6% | -2.9% |
| 1983 | 49.4% | +8.4% |
| 1984 | 61.6% | +24.7% |
| 1985 | 54.0% | -12.3% |
| 1986 | 51.5% | -4.6% |
| 1987 | 53.3% | +3.5% |
| 1988 | 49.4% | -7.3% |
| 1989 | 39.7% | -19.7% |
| 1990 | 35.0% | -11.7% |
| 1991 | 33.3% | -5.0% |
| 1992 | 36.5% | +9.6% |
| 1993 | 28.9% | -20.7% |
| 1994 | 32.2% | +11.3% |
| 1995 | 35.0% | +8.7% |
| 1996 | 48.9% | +39.9% |
| 1997 | 48.9% | -0.1% |
| 1998 | 45.0% | -8.0% |
| 1999 | 51.7% | +15.1% |
| 2000 | 59.2% | +14.5% |
| 2001 | 53.3% | -9.9% |
| 2002 | 49.6% | -7.1% |
| 2003 | 61.5% | +24.1% |
| 2004 | 49.7% | -19.1% |
| 2005 | 58.9% | +18.5% |
| 2006 | 55.6% | -5.6% |
| 2007 | 57.4% | +3.2% |
| 2008 | 57.5% | +0.3% |
| 2009 | 53.2% | -7.5% |
| 2010 | 50.5% | -5.2% |
| 2011 | 53.4% | +5.9% |
| 2012 | 64.6% | +20.9% |
| 2013 | 58.6% | -9.3% |
| 2014 | 52.7% | -10.0% |
| 2015 | 52.4% | -0.6% |
| 2016 | 50.0% | -4.5% |
| 2017 | 50.9% | +1.7% |
| 2018 | 54.1% | +6.3% |
| 2019 | 52.9% | -2.2% |
| 2020 | 48.8% | -7.7% |
| 2021 | 51.5% | +5.6% |
| 2022 | 61.5% | +19.4% |
| 2023 | 56.1% | -8.7% |
| 2024 | 51.2% | -8.8% |
Faroe Islands compared with similar countries
- Faroe Islands's 51.2% is above the median for high income countries, which is 51.2%, 1.0× the median. (72 countries reporting)
- Faroe Islands's 51.2% is below the median for Europe & Central Asia, which is 52.7%, 97% of the median. (52 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1960s | 45.0% | 40.4% | 52.2% | 8 |
| 1970s | 44.4% | 35.9% | 53.1% | 10 |
| 1980s | 49.7% | 39.7% | 61.6% | 10 |
| 1990s | 39.5% | 28.9% | 51.7% | 10 |
| 2000s | 55.6% | 49.6% | 61.5% | 10 |
| 2010s | 54.0% | 50.0% | 64.6% | 10 |
| 2020s | 53.8% | 48.8% | 61.5% | 5 |
Countries ranked near Faroe Islands
More economy & growth data for Faroe Islands
- Exports of goods and services (current US$), per unit of GDP 0.5456 current US$ per US$ of GDP (2024)
- Gross capital formation (current US$), annual growth rate -7.73 % change on previous year (2024)
- Exports of goods and services (current LCU), per capita 279,001 current LCU per person (2024)
- Exports of goods and services (current LCU), per unit of GDP 3.76 current LCU per US$ of GDP (2024)
- Exports of goods and services (current LCU), annual growth rate -1.89 % change on previous year (2024)
- Exports of goods and services (current US$), per capita 40,467 current US$ per person (2024)
- Gross national expenditure (current LCU), per capita 494,217 current LCU per person (2024)
- Gross national expenditure (current LCU), annual growth rate 0.4583 % change on previous year (2024)
- Gross national expenditure (current LCU), per unit of GDP 6.66 current LCU per US$ of GDP (2024)
- Gross capital formation (current US$), per unit of GDP 0.2817 current US$ per US$ of GDP (2024)
Frequently asked questions
- What is imports of goods and services in Faroe Islands?
- Imports of goods and services in Faroe Islands was 51.2% 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 64.6% in 2012.
- What is the lowest imports of goods and services recorded in Faroe Islands?
- The lowest recorded value was 28.9% in 1993.
- How does Faroe Islands rank for imports of goods and services?
- Faroe Islands ranks 83rd 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 down 2.9%. The long-run trend across the full record is rising.
- 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 (% of GDP). 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 as a percentage of Gross Domestic Product (GDP) which is the total income earned through the production of goods and services in an economic territory during an accounting period.