Faeroe Islands

In 2009, the value of merchandise exports of Faeroe Islands decreased by 10.6 percent to reach 761.7 mln US$, while its merchandise imports decreased substantially by 20.7 percent to reach 783.4 mln US$ (see graph 1, table 2 and table 3). The merchandise trade balance recorded a relatively small deficit of 21.7 mln US$ (see graph 1). The largest merchandise trade balance was with MDG Developed Europe at -76.7 mln US$ (see graph 4). Merchandise exports in Faeroe Islands were diversified amongst partners; imports were also diversified. The top 11 partners accounted for 80 percent or more of exports and 9 partners accounted for 80 percent or more of imports (see graph 5). In 2011, the value of exports of services of Faeroe Islands increased moderately by 8.4 percent, reaching 207.0 mln US$, while its imports of services increased moderately by 7.6 percent and reached 394.6 mln US$ (see graph 2). There was a large trade in services deficit of 187.6 mln US$.

Related Subject(s): International Trade and Finance

Countries: Faroe Islands