Faroe Islands: Trade balance, percent of GDP

The latest value from 2024 is 3.36 percent, an increase from 1.05 percent in 2023. In comparison, the world average is -4.41 percent, based on data from 166 countries. Historically, the average for the Faroe Islands from 1962 to 2024 is -4.27 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 or world map for that indicator or use the country comparator to compare trends over time.

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: The balance of international trade in goods and services is the difference between the 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.