Faroe Islands: Trade openness
* indicates monthly or quarterly data series
| Faroe Islands |
Trade openness: exports plus imports as percent of GDP |
|---|---|
| Latest value | 105.75 |
| Year | 2024 |
| Measure | percent |
| Data availability | 1965 - 2024 |
| Average | 93.10 |
| Min - Max | 72.70 - 122.86 |
| Source | The World Bank |
| Available for | Data download |
The latest value from 2024 is 105.75 percent, a decline from 113.34 percent in 2023. In comparison, the world average is 90.58 percent, based on data from 166 countries. Historically, the average for the Faroe Islands from 1965 to 2024 is 93.1 percent. The minimum value, 72.7 percent, was reached in 1993 while the maximum of 122.86 percent was recorded in 2022.
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* indicates monthly or quarterly data series
| Recent values | Faroe Islands: Trade openness |
|---|---|
| 2024 | 105.75 |
| 2023 | 113.34 |
| 2022 | 122.86 |
| 2021 | 103.49 |
| 2020 | 96.22 |
| 2019 | 108.62 |
| 2018 | 106.87 |
| 2017 | 107.24 |
Definition: Exports plus imports as percent of GDP.
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| Related indicators | Latest | Reference | Measure |
|---|---|---|---|
| Terms of trade | 101.00 | 2024 | percent |
| Trade openness | 105.75 | 2024 | percent |
| Exports, percent of GDP | 54.56 | 2024 | percent |
| Exports, billion dollars | 2.21 | 2024 | billion U.S. dollars |
| Imports, percent of GDP | 51.20 | 2024 | percent |
| Imports, billion dollars | 2.07 | 2024 | billion U.S. dollars |
| Current account, percent of GDP | 7.75 | 2011 | percent |
| Current account, in dollars | 0.19 | 2011 | billion U.S. dollars |
| Trade balance, percent of GDP | 3.36 | 2024 | percent |
| Trade balance, in dollars | -0.13 | 2011 | billion U.S. dollars |
| Remittances, percent of GDP | 6.32 | 2011 | percent |
| Remittances | 158.41 | 2011 | million U.S. dollars |