Faroe Islands: Trade openness
* indicates monthly or quarterly data series
| Faroe Islands |
Trade openness: exports plus imports as percent of GDP |
|---|---|
| Latest value | 114.34 |
| Year | 2023 |
| Measure | percent |
| Data availability | 1965 - 2023 |
| Average | 92.95 |
| Min - Max | 72.70 - 124.54 |
| Source | The World Bank |
The latest value from 2023 is 114.34 percent, a decline from 124.54 percent in 2022. In comparison, the world average is 95.00 percent, based on data from 154 countries. Historically, the average for the Faroe Islands from 1965 to 2023 is 92.95 percent. The minimum value, 72.7 percent, was reached in 1993 while the maximum of 124.54 percent was recorded in 2022.
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Definition: Exports plus imports as percent of GDP.
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| Related indicators | Latest | Reference | Measure |
|---|---|---|---|
| Terms of trade | 98.12 | 2021 | percent |
| Trade openness | 114.34 | 2023 | percent |
| Exports, percent of GDP | 57.72 | 2023 | percent |
| Exports, billion dollars | 2.26 | 2023 | billion U.S. dollars |
| Imports, percent of GDP | 62.51 | 2022 | percent |
| Imports, billion dollars | 2.21 | 2023 | 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 |