External balance on goods and services in Faroe Islands
Faroe Islands: External balance on goods and services was 136.17 million current US$ in 2024. ◆ Volatile
External balance on goods and services in Faroe Islands, 1965–2024
Source: Country official statistics, National Statistical Organizations and/or Central Banks. Measured in current US$.
Analysis
Faroe Islands recorded 136.17 million current US$ for external balance on goods and services in 2024.
The figure is up 227.9% on the previous year and up 581.1% over ten years.
Over the whole period, external balance on goods and services in Faroe Islands peaked at 163.66 million current US$ in 2017 and was at its lowest, -356.63 million current US$, in 2007.
That places Faroe Islands 76th out of 192 countries with data for 2024, putting it in the middle of the range.
The series is highly variable year to year, so single readings are best treated with caution.
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1960s | -5.08 million current US$ | -7.64 million current US$ | -1.26 million current US$ | 5 |
| 1970s | -17.57 million current US$ | -55.09 million current US$ | 9.77 million current US$ | 10 |
| 1980s | -72.32 million current US$ | -125.38 million current US$ | 4.38 million current US$ | 10 |
| 1990s | 57.51 million current US$ | -33.47 million current US$ | 137.11 million current US$ | 10 |
| 2000s | -187.41 million current US$ | -356.63 million current US$ | -6.32 million current US$ | 10 |
| 2010s | -10.16 million current US$ | -292.24 million current US$ | 163.66 million current US$ | 10 |
| 2020s | 29.26 million current US$ | -44.74 million current US$ | 136.17 million current US$ | 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 938.80 million current LCU (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 136.17 million current US$ 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 163.66 million current US$ in 2017.
- What is the lowest external balance on goods and services recorded in Faroe Islands?
- The lowest recorded value was -356.63 million current US$ in 2007.
- How does Faroe Islands rank for external balance on goods and services?
- Faroe Islands ranks 76th 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 581.1%. 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 US$). 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 indicator is expressed in United States dollars.