Faroe Islands: Exports, percent of GDP

The latest value from 2023 is 57.72 percent, a decline from 62.21 percent in 2022. In comparison, the world average is 45.64 percent, based on data from 154 countries. Historically, the average for the Faroe Islands from 1962 to 2023 is 44.18 percent. The minimum value, 31.52 percent, was reached in 1968 while the maximum of 62.21 percent was recorded in 2022. See the global rankings or world map for that indicator or use the country comparator to compare trends over time.

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

If exports are about 15 percent or less of GDP the economy is considered relatively closed as only 15 percent of its products are sold internationally. That, for example, applies to the U.S. In contrast, many small European countries export over 40 percent of their production. They are considered more open to international trade.

Definition: Exports of goods and services represent the value of all goods and other market services provided to 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.