External balance on goods and services in Faroe Islands
Faroe Islands: External balance on goods and services was 938.80 million current LCU in 2024. ◆ Volatile
External balance on goods and services in Faroe Islands, 1962–2024
Source: Country official statistics, National Statistical Organizations and/or Central Banks. Measured in current LCU.
Analysis
In 2024, external balance on goods and services in Faroe Islands stood at 938.80 million current LCU.
That represents a change of up 228.1% on the previous year and up 736.7% over ten years.
Over the whole period, external balance on goods and services in Faroe Islands peaked at 1.08 billion current LCU in 2017 and was at its lowest, -1.94 billion current LCU, in 2007.
Faroe Islands ranks 72nd of 192 countries on this measure, in the middle of the range.
The series is highly variable year to year, so single readings are best treated with caution.
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1960s | -29.94 million current LCU | -57.30 million current LCU | -8.70 million current LCU | 8 |
| 1970s | -99.02 million current LCU | -289.80 million current LCU | 59.10 million current LCU | 10 |
| 1980s | -585.80 million current LCU | -1.04 billion current LCU | 32.00 million current LCU | 10 |
| 1990s | 356.77 million current LCU | -233.50 million current LCU | 877.00 million current LCU | 10 |
| 2000s | -1.10 billion current LCU | -1.94 billion current LCU | -49.90 million current LCU | 10 |
| 2010s | -21.72 million current LCU | -1.69 billion current LCU | 1.08 billion current LCU | 10 |
| 2020s | 202.58 million current LCU | -292.70 million current LCU | 938.80 million current LCU | 5 |
Countries ranked near Faroe Islands
More economy & growth data for Faroe Islands
- Imports of goods and services 2.07 billion current US$ (2024)
- Exports of goods and services 54.6% (2024)
- Gross capital formation 1.14 billion current US$ (2024)
- Gross capital formation 7.87 billion current LCU (2024)
- Gross capital formation 28.2% (2024)
- Imports of goods and services 51.2% (2024)
- External balance on goods and services 3.4% (2024)
- External balance on goods and services 136.17 million current US$ (2024)
- Exports of goods and services 15.24 billion current LCU (2024)
- Imports of goods and services 14.31 billion current LCU (2024)
Frequently asked questions
- What is external balance on goods and services in Faroe Islands?
- External balance on goods and services in Faroe Islands was 938.80 million current LCU in 2024, according to Country official statistics, National Statistical Organizations and/or Central Banks.
- What is the highest external balance on goods and services recorded in Faroe Islands?
- The highest recorded value was 1.08 billion current LCU in 2017.
- What is the lowest external balance on goods and services recorded in Faroe Islands?
- The lowest recorded value was -1.94 billion current LCU in 2007.
- How does Faroe Islands rank for external balance on goods and services?
- Faroe Islands ranks 72nd out of 192 countries with data for 2024.
- Is external balance on goods and services rising or falling in Faroe Islands?
- Over the last ten years it is up 736.7%. The long-run trend across the full record is volatile.
- Where does this Faroe Islands data come from?
- The figures come from Country official statistics, National Statistical Organizations and/or Central Banks, published as part of External balance on goods and services (current LCU). Statizoid updates them automatically from the source API.
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About this data
The balance of international trade in goods and services is the difference between the exports and imports of goods and services. This indicator is expressed in current prices, meaning no adjustment has been made to account for price changes over time. This series is expressed in local currency units.