Net trade in goods and services in Faroe Islands
Faroe Islands: Net trade in goods and services was -130.43 million BoP, current US$ in 2011. ◆ Volatile
Net trade in 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$.
Analysis
The most recent figure for net trade in goods and services in Faroe Islands is -130.43 million BoP, current US$, measured in 2011.
Compared with earlier readings it is down 53.4% on the previous year and down 1,076.1% over ten years.
Over the whole period, net trade in goods and services in Faroe Islands peaked at 29.56 million BoP, current US$ in 1998 and was at its lowest, -370.32 million BoP, current US$, in 2007.
That places Faroe Islands 92nd out of 200 countries with data for 2011, putting it in the middle of the range.
The series is highly variable year to year, so single readings are best treated with caution.
Net trade in goods and services in Faroe Islands, year by year
| Year | BoP, current US$ | Change |
|---|---|---|
| 1998 | 29.56 million BoP, current US$ | — |
| 1999 | -21.90 million BoP, current US$ | -174.1% |
| 2000 | -81.01 million BoP, current US$ | +269.9% |
| 2001 | -11.09 million BoP, current US$ | -86.3% |
| 2002 | 4.99 million BoP, current US$ | -145.0% |
| 2003 | -159.17 million BoP, current US$ | -3289.8% |
| 2004 | -64.62 million BoP, current US$ | -59.4% |
| 2005 | -172.90 million BoP, current US$ | +167.6% |
| 2006 | -200.46 million BoP, current US$ | +15.9% |
| 2007 | -370.32 million BoP, current US$ | +84.7% |
| 2008 | -219.60 million BoP, current US$ | -40.7% |
| 2009 | -159.62 million BoP, current US$ | -27.3% |
| 2010 | -85.02 million BoP, current US$ | -46.7% |
| 2011 | -130.43 million BoP, current US$ | +53.4% |
Faroe Islands compared with similar countries
- Faroe Islands's -130.43 million BoP, current US$ is below the median for high income countries, which is 2.86 billion BoP, current US$. (72 countries reporting)
- Faroe Islands's -130.43 million BoP, current US$ is below the median for Europe & Central Asia, which is 460.27 million BoP, current US$. (51 countries reporting)
Biggest year-on-year movements
Years where Net trade in goods and services in Faroe Islands changed far more than this series normally does. A large move can be a real event or a change in how the figure was measured — the source note below says who published it.
| Year | Change | From | To |
|---|---|---|---|
| 2003 | -3289.8% | 4.99 million BoP, current US$ | -159.17 million BoP, current US$ |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 3.83 million BoP, current US$ | -21.90 million BoP, current US$ | 29.56 million BoP, current US$ | 2 |
| 2000s | -143.38 million BoP, current US$ | -370.32 million BoP, current US$ | 4.99 million BoP, current US$ | 10 |
| 2010s | -107.72 million BoP, current US$ | -130.43 million BoP, current US$ | -85.02 million BoP, current US$ | 2 |
Countries ranked near Faroe Islands
- 89 Micronesia (country) -105.08 million BoP, current US$
- 90 Marshall Islands -114.66 million BoP, current US$ compare
- 91 Sao Tome and Principe -118.95 million BoP, current US$ compare
- 93 Saint Kitts and Nevis -131.42 million BoP, current US$ compare
- 94 Palau -143.53 million BoP, current US$ compare
- 95 Grenada -186.47 million BoP, current US$ compare
More economy & growth data for Faroe Islands
- Exports of goods and services (current LCU), annual growth rate -1.89 % change on previous year (2024)
- Gross capital formation (current US$), per unit of GDP 0.2817 current US$ 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 US$), per unit of GDP 0.5456 current US$ per US$ of GDP (2024)
- Exports of goods and services (current US$), annual growth rate -1.96 % change on previous year (2024)
- General government final consumption expenditure (current LCU) 6.25 % change on previous year (2024)
- Gross capital formation (current US$), per capita 20,895 current US$ per person (2024)
- Exports of goods and services (current US$), per capita 40,467 current US$ per person (2024)
Frequently asked questions
- What is net trade in goods and services in Faroe Islands?
- Net trade in goods and services in Faroe Islands was -130.43 million BoP, current US$ in 2011, according to Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF).
- What is the highest net trade in goods and services recorded in Faroe Islands?
- The highest recorded value was 29.56 million BoP, current US$ in 1998.
- What is the lowest net trade in goods and services recorded in Faroe Islands?
- The lowest recorded value was -370.32 million BoP, current US$ in 2007.
- How does Faroe Islands rank for net trade in goods and services?
- Faroe Islands ranks 92nd out of 200 countries with data for 2011.
- Is net trade in goods and services rising or falling in Faroe Islands?
- Over the last ten years it is down 1,076.1%. The long-run trend across the full record is volatile.
- 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 Net trade in goods and services (BoP, current US$). Statizoid updates them automatically from the source API.
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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.