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Faroe Islands Trade (% GDP)

Faroe Islands' trade (% GDP) fell to 114.34% in 2023, down from 124.54% in 2022, according to World Bank. This represents a decrease of 10.2% from the previous year. Faroe Islands has trade (% GDP) higher than the global median (114.34% vs median 84.49%). Compared with the median in Europe, Faroe Islands is higher (114.34% vs regional median 111.00%) and ranks 19th out of 44 countries in Europe.

Yearly Historical Data (1962-2023)

(in %)
Year Trade (% GDP)
2023 114.34%
2022 124.54%
2021 104.47%
2020 96.22%
2019 108.62%
2018 106.87%
2017 107.24%
2016 104.55%
2015 105.61%
2014 106.14%
2013 114.06%
2012 117.16%
2011 105.85%
2010 97.18%
2009 96.86%
2008 103.5%
2007 99.51%
2006 97.39%
2005 100.96%
2004 93.41%
2003 108.26%
2002 98.62%
2001 104.9%
2000 110.55%
1999 100.49%
1998 91.61%
1997 97.63%
1996 98.76%
1995 75.7%
1994 75.76%
1993 72.7%
1992 84.86%
1991 81.65%
1990 78.88%
1989 79.89%
1988 85.86%
1987 93.14%
1986 88%
1985 93.92%
1984 99.72%
1983 84.56%
1982 79.26%
1981 83.46%
1980 81.29%
1979 79.49%
1978 80.26%
1977 84.9%
1976 86.91%
1975 85.34%
1974 93.61%
1973 90.6%
1972 78.11%
1971 78.79%
1970 75.26%
1969 79.25%
1968 74.76%
1967 78.97%
1966 76.24%
1965 87.46%
1964 82.27%
1963 86.1%
1962 98.69%
Faroe Islands Trade (% GDP) : Definition
Trade (% GDP) measures the sum of exports and imports for Faroe Islands divided by its total economic output, shown as a percentage.
Indicator Last Value Prior Value Period
Annual Exports $761.74M $852.09M 2009
Annual Imports $783.44M $988.08M 2009
Exports (% GDP) 57.72% 62.21% 2023
Imports (% GDP) 56.62% 62.33% 2023