Merchandise imports by the reporting economy in Faroe Islands
Faroe Islands: Merchandise imports by the reporting economy was 1.93 billion current US$ in 2023. ◆ Volatile
Latest (2023)
1.93 billion current US$
Change on year
down 1.4%
World rank
167th
of 206 countries
All-time high
1.96 billion current US$
in 2022
All-time low
100,000 current US$
in 1962
Years of data
62
1962–2023
Merchandise imports by the reporting economy in Faroe Islands, 1962–2023
Source: Staff estimates, World Bank (WB). Measured in current US$.
Analysis
The most recent figure for merchandise imports by the reporting economy in Faroe Islands is 1.93 billion current US$, measured in 2023.
That represents a change of down 1.4% on the previous year and up 56.2% over ten years.
Over the whole period, merchandise imports by the reporting economy in Faroe Islands peaked at 1.96 billion current US$ in 2022 and was at its lowest, 100,000 current US$, in 1962.
Faroe Islands ranks 167th of 206 countries on this measure, in the bottom quarter.
The series is highly variable year to year, so single readings are best treated with caution.
Merchandise imports by the reporting economy in Faroe Islands, year by year
| Year | current US$ | Change |
|---|---|---|
| 1962 | 100,000 current US$ | — |
| 1963 | 19.80 million current US$ | +19700.0% |
| 1964 | 22.00 million current US$ | +11.1% |
| 1965 | 26.10 million current US$ | +18.6% |
| 1966 | 28.10 million current US$ | +7.7% |
| 1967 | 26.50 million current US$ | -5.7% |
| 1968 | 28.48 million current US$ | +7.5% |
| 1969 | 30.96 million current US$ | +8.7% |
| 1970 | 30.36 million current US$ | -2.0% |
| 1971 | 40.13 million current US$ | +32.2% |
| 1972 | 45.70 million current US$ | +13.9% |
| 1973 | 66.67 million current US$ | +45.9% |
| 1974 | 99.41 million current US$ | +49.1% |
| 1975 | 113.04 million current US$ | +13.7% |
| 1976 | 130.71 million current US$ | +15.6% |
| 1977 | 151.74 million current US$ | +16.1% |
| 1978 | 183.22 million current US$ | +20.7% |
| 1979 | 204.49 million current US$ | +11.6% |
| 1980 | 222.50 million current US$ | +8.8% |
| 1981 | 213.81 million current US$ | -3.9% |
| 1982 | 196.49 million current US$ | -8.1% |
| 1983 | 237.20 million current US$ | +20.7% |
| 1984 | 260.27 million current US$ | +9.7% |
| 1985 | 250.65 million current US$ | -3.7% |
| 1986 | 323.19 million current US$ | +28.9% |
| 1987 | 504.43 million current US$ | +56.1% |
| 1988 | 464.33 million current US$ | -7.9% |
| 1989 | 336.07 million current US$ | -27.6% |
| 1990 | 325.89 million current US$ | -3.0% |
| 1991 | 287.11 million current US$ | -11.9% |
| 1992 | 326.17 million current US$ | +13.6% |
| 1993 | 246.35 million current US$ | -24.5% |
| 1994 | 232.16 million current US$ | -5.8% |
| 1995 | 247.71 million current US$ | +6.7% |
| 1996 | 300.59 million current US$ | +21.3% |
| 1997 | 338.98 million current US$ | +12.8% |
| 1998 | 357.44 million current US$ | +5.4% |
| 1999 | 411.88 million current US$ | +15.2% |
| 2000 | 526.17 million current US$ | +27.8% |
| 2001 | 498.14 million current US$ | -5.3% |
| 2002 | 488.26 million current US$ | -2.0% |
| 2003 | 736.67 million current US$ | +50.9% |
| 2004 | 625.71 million current US$ | -15.1% |
| 2005 | 765.29 million current US$ | +22.3% |
| 2006 | 779.85 million current US$ | +1.9% |
| 2007 | 1.01 billion current US$ | +29.8% |
| 2008 | 983.00 million current US$ | -2.9% |
| 2009 | 780.48 million current US$ | -20.6% |
| 2010 | 1.01 billion current US$ | +29.1% |
| 2011 | 1.12 billion current US$ | +11.3% |
| 2012 | 1.30 billion current US$ | +16.0% |
| 2013 | 1.24 billion current US$ | -5.0% |
| 2014 | 1.28 billion current US$ | +3.2% |
| 2015 | 1.22 billion current US$ | -4.5% |
| 2016 | 1.16 billion current US$ | -4.9% |
| 2017 | 1.19 billion current US$ | +2.5% |
| 2018 | 1.29 billion current US$ | +9.0% |
| 2019 | 1.38 billion current US$ | +6.8% |
| 2020 | 1.39 billion current US$ | +0.9% |
| 2021 | 1.52 billion current US$ | +9.0% |
| 2022 | 1.96 billion current US$ | +28.9% |
| 2023 | 1.93 billion current US$ | -1.4% |
Faroe Islands compared with similar countries
- Faroe Islands's 1.93 billion current US$ is below the median for high income countries, which is 45.81 billion current US$, 4% of the median. (74 countries reporting)
- Faroe Islands's 1.93 billion current US$ is below the median for Europe & Central Asia, which is 57.11 billion current US$, 3% of the median. (53 countries reporting)
Biggest year-on-year movements
Years where Merchandise imports by the reporting economy in Faroe Islands changed far more than this series normally does. A large move can be a real event or a change in how the figure was measured — the source note below says who published it.
| Year | Change | From | To |
|---|---|---|---|
| 1963 | +19700.0% | 100,000 current US$ | 19.80 million current US$ |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1960s | 22.76 million current US$ | 100,000 current US$ | 30.96 million current US$ | 8 |
| 1970s | 106.55 million current US$ | 30.36 million current US$ | 204.49 million current US$ | 10 |
| 1980s | 300.89 million current US$ | 196.49 million current US$ | 504.43 million current US$ | 10 |
| 1990s | 307.43 million current US$ | 232.16 million current US$ | 411.88 million current US$ | 10 |
| 2000s | 719.58 million current US$ | 488.26 million current US$ | 1.01 billion current US$ | 10 |
| 2010s | 1.22 billion current US$ | 1.01 billion current US$ | 1.38 billion current US$ | 10 |
| 2020s | 1.70 billion current US$ | 1.39 billion current US$ | 1.96 billion current US$ | 4 |
Countries ranked near Faroe Islands
More private sector data for Faroe Islands
- Merchandise trade 80.8% (2024)
- Food imports 17.1% (2009)
- Manufactures imports 62.3% (2009)
- Merchandise imports 1.67 billion current US$ (2025)
- Food exports 88.0% (2009)
- Manufactures exports 7.4% (2009)
- Merchandise exports 2.06 billion current US$ (2025)
- Merchandise exports (current US$), per capita 37,577 current US$ per person (2025)
- Merchandise exports (current US$), per unit of GDP 0.4389 current US$ per US$ of GDP (2024)
- Merchandise exports (current US$), annual growth rate 15.96 % change on previous year (2025)
Frequently asked questions
- What is merchandise imports by the reporting economy in Faroe Islands?
- Merchandise imports by the reporting economy in Faroe Islands was 1.93 billion current US$ in 2023, according to Staff estimates, World Bank (WB).
- What is the highest merchandise imports by the reporting economy recorded in Faroe Islands?
- The highest recorded value was 1.96 billion current US$ in 2022.
- What is the lowest merchandise imports by the reporting economy recorded in Faroe Islands?
- The lowest recorded value was 100,000 current US$ in 1962.
- How does Faroe Islands rank for merchandise imports by the reporting economy?
- Faroe Islands ranks 167th out of 206 countries with data for 2023.
- Is merchandise imports by the reporting economy rising or falling in Faroe Islands?
- Over the last ten years it is up 56.2%. The long-run trend across the full record is volatile.
- Where does this Faroe Islands data come from?
- The figures come from Staff estimates, World Bank (WB), published as part of Merchandise imports by the reporting economy (current US$). Statizoid updates them automatically from the source API.
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About this data
Merchandise imports by the reporting economy are the total merchandise imports by the reporting economy from the rest of the world, as reported in the IMF's Direction of trade database. Data are in current U.S. dollars.