Faroe Islands: Imports, percent of GDP

The latest value from 2022 is 62.51 percent, an increase from 52.13 percent in 2021. In comparison, the world average is 52.43 percent, based on data from 161 countries. Historically, the average for the Faroe Islands from 1962 to 2022 is 48.45 percent. The minimum value, 28.9 percent, was reached in 1993 while the maximum of 64.6 percent was recorded in 2012. See the global rankings for that indicator or use the country comparator to compare trends over time.

The imports of the Faroe Islands and other countries are calculated as the total amount of goods and services produced abroad and sold at home. Imports are often reported as percent of GDP so that we can evaluate their magnitude relative to the size of the economy.

If imports are about 15 percent or less of GDP the economy is considered relatively closed. That, for example, applies to the U.S. In contrast, many small European countries import over 40 percent of the products they consume. They are considered more open to international trade.

Definition: Imports of goods and services represent the value of all goods and other market services received from the rest of the world. They include the value of merchandise, freight, insurance, transport, travel, royalties, license fees, and other services, such as communication, construction, financial, information, business, personal, and government services. They exclude compensation of employees and investment income (formerly called factor services) and transfer payments.