Faroe Islands: Trade balance, percent of GDP
* indicates monthly or quarterly data series
| Faroe Islands |
Trade balance as percent of GDP |
|---|---|
| Latest value | -0.12 |
| Year | 2022 |
| Measure | percent |
| Data availability | 1962 - 2022 |
| Average | -4.48 |
| Min - Max | -23.56 - 15.08 |
| Source | The World Bank |
The latest value from 2022 is -0.12 percent, a decline from 0.48 percent in 2021. In comparison, the world average is -4.42 percent, based on data from 149 countries. Historically, the average for the Faroe Islands from 1962 to 2022 is -4.48 percent. The minimum value, -23.56 percent, was reached in 1984 while the maximum of 15.08 percent was recorded in 1991.
See the global rankings for that indicator or
use the country comparator to compare trends over time.
Select indicator
* indicates monthly or quarterly data series
Recent data
Historical series
The trade balance for the Faroe Islands and other countries is calculated as the difference between the exports and imports of goods and services, as percent of GDP. A positive number means trade surplus and a negative number means trade deficit.
Definition: External balance on goods and services (formerly resource balance) equals exports of goods and services minus imports of goods and services (previously nonfactor services).
Selected articles from our guide:
What factors determine the exchange rates
International lending and sovereign debt
All articles
| 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 |