Faroe Islands: Exports, percent of GDP

The latest value from 2024 is 54.56 percent, a decline from 57.19 percent in 2023. In comparison, the world average is 43.08 percent, based on data from 166 countries. Historically, the average for the Faroe Islands from 1962 to 2024 is 44.32 percent. The minimum value, 31.52 percent, was reached in 1968 while the maximum of 61.37 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 includes changes in the economic ownership of goods from residents of the compiling economy to non-residents, irrespective of physical movement of goods across national borders. Exports of services includes services provided by residents to non-residents. 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.