Faroe Islands: Trade (% of GDP)

Key figures

What the numbers say

In 2024, Faroe Islands' trade (% of GDP) fell 7.58 percentage points on 2023 (from 113.34% to 105.75%).

Across the 30 yearly changes before that (1994 to 2023), the average change was +1.35 percentage points and a typical year strayed about 8.67 percentage points from that (the standard deviation). This year's change was 1.0 standard deviations below that average, so it was larger than a typical year, though not out of the range seen before.

On record, the biggest yearly rise was 23.06 percentage points in 1996 and the biggest yearly fall was 14.84 percentage points in 2004. 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 10% 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 12th highest value of the 33 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.

Closest to Faroe Islands in the 2024 ranking

• Belize — 8th of 33: 108.97%
• Eswatini — 9th of 33: 107.48%
• Palau — 10th of 33: 105.81%
• Kiribati — 12th of 33: 102.11%
• Timor-Leste — 13th of 33: 95.45%
• Kuwait — 14th of 33: 93.99%

What this measures

Trade is the sum of exports and imports of goods and services. 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.

Regional and income-group figures are computed by the World Bank as a weighted average.

All 63 values

Trade (% of GDP) in nearby economies

• Albania — 79.53% (2025)
• Armenia — 101.71% (2025)
• Austria — 107.02% (2025)
• Azerbaijan — 79.83% (2025)
• Belarus — 112.11% (2025)
• Belgium — 152.92% (2025)
• Bosnia and Herzegovina — 95.12% (2025)
• Bulgaria — 102.51% (2025)
• Croatia — 100.99% (2025)
• Cyprus — 189.5% (2025)
• Czechia — 128.04% (2025)
• Denmark — 129.22% (2025)
• Estonia

More economic policy & debt data for Faroe Islands

• Exports of goods and services (current LCU) — 15.24 billion (2024)
• Exports of goods and services (% of GDP) — 54.56% (2024)
• Imports of goods and services (current LCU) — 14.31 billion (2024)
• Imports of goods and services (% of GDP) — 51.2% (2024)
• External balance on goods and services (current LCU) — 938.8 million (2024)
• External balance on goods and services (% of GDP) — 3.36% (2024)
• GDP (current LCU) — 27.94 billion (2024)
• GDP per capita (current LCU) — 511,400 (2024)
• Exports of goods and services (current US$) — US$2.21 billion (2024)

Reading data like this

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Questions people ask

What is Faroe Islands's trade (% of GDP)?

105.75% in 2024, according to the World Bank (World Development Indicators).

How has it changed since 1962?

It is up 7.06 percentage points from 98.69% in 1962. The highest value was 122.86% in 2022 and the lowest 72.7% in 1993.

How does Faroe Islands rank?

12th highest of 33 economies with data for 2024.

Is the latest change in trade (% of GDP) unusual for Faroe Islands?

In 2024, Faroe Islands' trade (% of GDP) fell 7.58 percentage points on 2023 (from 113.34% to 105.75%). Across the 30 yearly changes before that (1994 to 2023), the average change was +1.35 percentage points and a typical year strayed about 8.67 percentage points from that (the standard deviation). This year's change was 1.0 standard deviations below that average, so it was larger than a typical year, though not out of the range seen before.

Source

World Bank, World Development Indicators, indicator NE.TRD.GNFS.ZS, licensed CC BY 4.0. Original source: Country official statistics, National Statistical Organizations and/or Central Banks; National Accounts data files, Organisation for Economic Co-operation and Development (OECD); Staff estimates, World Bank (WB) 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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