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. See the global rankings or world map for that indicator or use the country comparator to compare trends over time.
Select indicator
* indicates monthly or quarterly data series


Recent data
Faroe Islands - Trade openness - Recent values chart

Historical series
Faroe Islands - Trade openness - historical chart - 1965-2023




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
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