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Trade & investment · Europe & Central Asia · High income
Faroe Islands: trade and investment
Exports is 54.6% (2024), 47th of 184 in the world and 19th of 52 in Europe & Central Asia. Imports is 51.2% (2024), 78th of 184 in the world and 30th of 52 in Europe & Central Asia. Trade openness is 105.8% (2024), 55th of 184 in the world and 22nd of 52 in Europe & Central Asia.
9 indicators
Trade & investment: Faroe Islands in detail
Latest reported value, world rank and rank within Europe & Central Asia; values around 2000, 2010, 2020; group and world columns are World Bank aggregates.
| Indicator | Latest | World rank | In region | ~2000 | ~2010 | ~2020 | 10-year change | Region | Income group | World | Since 2000 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ExportsExports of goods and services, % of GDP | 54.6%2024 | 47/184 | 19/52 | 51.3% | 46.7% | 47.4% | +1.1 ppsince 2014 | 43.7% | 31.7% | 29.5% | |
| ImportsImports of goods and services, % of GDP | 51.2%2024 | 78/184 | 30/52 | 59.2% | 50.5% | 48.8% | −1.5 ppsince 2014 | 41.0% | 30.8% | 28.5% | |
| Trade opennessTrade, % of GDP | 105.8%2024 | 55/184 | 22/52 | 110.5% | 97.2% | 96.2% | −0.4 ppsince 2014 | 81.8% | 60.5% | 68.5% | |
| Current accountCurrent account balance, % of GDP | 7.8%2011 | — | — | 9.3% | 6.2% | · | −4.8 ppsince 2001 | — | — | — | |
| Merchandise exportsMerchandise exports, current US$ | $2.1bn2025 | 145/206 | 48/51 | $474m | $839m | $1.3bn | +102%since 2015 | $10.0tn | $17.5tn | $26.4tn | |
| High-tech exportsHigh-technology exports, % of manufactured exports | 0.6%2009 | — | — | · | 0.6%2009 | · | — | 21.4% | 25.8% | 24.7% | |
| Fuel exportsFuel exports, % of merchandise exports | 2.4%2025 | 97/172 | 36/48 | 0.0% | 2.8%2009 | · | −0.4 ppsince 2009 | 6.3% | 10.4% | 9.5% | |
| Food exportsFood exports, % of merchandise exports | 91.9%2025 | 6/172 | 1/48 | 89.9% | 88.0%2009 | · | +3.8 ppsince 2009 | 10.6% | 8.8% | 9.0% | |
| RemittancesPersonal remittances received, % of GDP | 6.3%2011 | — | — | 4.0% | 6.3% | · | +3.0 ppsince 2001 | 0.8% | 0.3% | 0.8% |
Source: World Bank, World Development Indicators (CC BY 4.0)“·” — no value reported within two years of that date. World rank counts countries with a recent value.
neighbours
Faroe Islands and its neighbours
Countries sharing a land border with Faroe Islands. Latest values since 2005; the highest in each row is marked.
| Indicator | Faroe Islands | Iceland |
|---|---|---|
| Exports | 54.6%2024 | 40.1%2025 |
| Imports | 51.2%2024 | 42.4%2025 |
| Trade openness | 105.8%2024 | 82.5%2025 |
| Current account | 7.8%2011 | -3.9%2025 |
| Merchandise exports | $2.1bn2025 | $7.2bn2025 |
| High-tech exports | 0.6%2009 | 54.0%2024 |
| Fuel exports | 2.4%2025 | 1.5%2025 |
| Food exports | 91.9%2025 | 46.9%2025 |
| Remittances | 6.3%2011 | 0.7%2025 |