Faroe Islands's net barter terms of trade index (2015 = 100) was 101 in 2024, the latest year in the World Bank's World Development Indicators. That is up 13.36% from 89.1 in 2014 (1.26% a year on average, compounded).
Key figures
| Value | Year | |
|---|---|---|
| Latest | 101 | 2024 |
| Five years earlier | 105.4 | 2019 |
| Ten years earlier | 89.1 | 2014 |
| Highest | 105.4 | 2019 |
| Lowest | 76.9 | 2005 |
| Average since 2015 | 102.91 | 2015–2024 |
| First recorded | 76.9 | 2005 |
What the numbers say
In 2024, Faroe Islands' net barter terms of trade index (2015 = 100) fell 2.1 on 2023 (from 103.1 to 101).
Across the 18 yearly changes before that (2006 to 2023), the average change was +1.46 and a typical year strayed about 4.75 from that (the standard deviation). This year's change was 0.7 standard deviations below that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.
On record, the biggest yearly rise was 10.9 in 2015 and the biggest yearly fall was 6.4 in 2011. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.
From 2015 to 2024 there is no clear straight-line trend: a straight line explains less than 1% of the movement over 10 observed years, so the value is moving around more than it is heading anywhere.
Worked out from the yearly values above. How the checks work: standard deviation, z-scores and straight-line trends.
How it compares
In 2024, Faroe Islands had the 104th highest value of the 203 economies reporting that year. Higher is not always better: for some indicators the lowest value is the one to aim for. See the full ranking.
| Value | Year | |
|---|---|---|
| Faroe Islands | 101 | 2024 |
| World | 100.2 | 2024 |
Closest to Faroe Islands in the 2024 ranking
- Malta — 101st of 203: 101.2
- Lithuania — 102nd of 203: 101.1
- Turks and Caicos Islands — 103rd of 203: 101.1
- Czechia — 105th of 203: 100.6
- Hong Kong SAR, China — 106th of 203: 100.5
- Nepal — 107th of 203: 100.5
What this measures
Net barter terms of trade index is calculated as the percentage ratio of the export unit value indexes to the import unit value indexes, measured relative to the base year 2015.
All 20 values
| Year | Net barter terms of trade index (2015 = 100) |
|---|---|
| 2024 | 101 |
| 2023 | 103.1 |
| 2022 | 103.5 |
| 2021 | 102.9 |
| 2020 | 102.2 |
| 2019 | 105.4 |
| 2018 | 103.7 |
| 2017 | 103.9 |
| 2016 | 103.4 |
| 2015 | 100 |
| 2014 |
Net barter terms of trade index (2015 = 100) in nearby economies
More trade data for Faroe Islands
- Import volume index (2015 = 100) — 134.8 (2024)
- Import value index (2015 = 100) — 165.1 (2024)
- Export volume index (2015 = 100) — 142 (2024)
- Export value index (2015 = 100) — 175.7 (2024)
Every indicator for Faroe Islands is on the Faroe Islands data page.
Reading data like this
Questions people ask
- What is Faroe Islands's net barter terms of trade index (2015 = 100)?
- 101 in 2024, according to the World Bank (World Development Indicators).
- How has it changed since 2005?
- It is up 31.34% from 76.9 in 2005 (1.45% a year on average, compounded). The highest value was 105.4 in 2019 and the lowest 76.9 in 2005.
- How does Faroe Islands rank?
- 104th highest of 203 economies with data for 2024.
- Is the latest change in net barter terms of trade index (2015 = 100) unusual for Faroe Islands?
- In 2024, Faroe Islands' net barter terms of trade index (2015 = 100) fell 2.1 on 2023 (from 103.1 to 101). Across the 18 yearly changes before that (2006 to 2023), the average change was +1.46 and a typical year strayed about 4.75 from that (the standard deviation). This year's change was 0.7 standard deviations below that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.
Source
World Bank, World Development Indicators, indicator TT.PRI.MRCH.XD.WD, licensed CC BY 4.0. Original source: UN Conference on Trade and Development (UNCTAD) Figures are fetched from the World Bank API and refreshed monthly; see the series on data.worldbank.org. The full definition and method are in the World Bank's metadata glossary. Comparisons use the same World Bank release.
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