Faroe Islands: Terms of trade
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| Faroe Islands |
Terms of trade, base year = 2000 |
|---|---|
| Latest value | 98.12 |
| Year | 2021 |
| Measure | percent |
| Data availability | 2000 - 2021 |
| Average | 94.03 |
| Min - Max | 84.83 - 107.55 |
| Source | The United Nations |
The latest value from 2021 is 98.12 percent, a decline from 99.33 percent in 2020. In comparison, the world average is 109.62 percent, based on data from 189 countries. Historically, the average for the Faroe Islands from 2000 to 2021 is 94.03 percent. The minimum value, 84.83 percent, was reached in 2005 while the maximum of 107.55 percent was recorded in 2016.
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The terms of trade for the Faroe Islands are calculated as the value of its exports as percent of the value of its imports. An increase in the terms of trade means that the value of exports is increasing relative to the value of imports. The country can afford to buy more imports with the revenue from its exports. For example, an increase in the price of oil increases (improves) the terms of trade for the oil-exporting countries and lowers it for the other countries.
Definition: 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.
Selected articles from our guide:
What factors determine the exchange rates
International lending and sovereign debt
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| Related indicators | Latest | Reference | Measure |
|---|---|---|---|
| Terms of trade | 98.12 | 2021 | percent |
| Trade openness | 124.91 | 2022 | percent |
| Exports, percent of GDP | 62.40 | 2022 | percent |
| Exports, billion dollars | 2.22 | 2022 | billion U.S. dollars |
| Imports, percent of GDP | 62.51 | 2022 | percent |
| Imports, billion dollars | 2.22 | 2022 | billion U.S. dollars |
| Current account, percent of GDP | 5.07 | 2022 | percent |
| Current account, in dollars | 0.19 | 2011 | billion U.S. dollars |
| Trade balance, percent of GDP | -0.12 | 2022 | percent |
| Trade balance, in dollars | -0.13 | 2011 | billion U.S. dollars |
| Remittances, percent of GDP | 4.45 | 2022 | percent |
| Remittances | 158.41 | 2023 | million U.S. dollars |