Faroe Islands—Trade (% of GDP)
Faroe Islands's trade openness (% of GDP) was 105.8% in 2024, ranking #55 out of 185 countries. This represents a -6.7% change from 2023. Over the past 25 years, the highest recorded value was 122.9% (2022) and the lowest was 93.4% (2004). Data sourced from the World Bank World Development Indicators.
Historical Data
| Year | Value | Change |
|---|---|---|
| 2024 | 105.8% | -6.7% |
| 2023 | 113.3% | -7.8% |
| 2022 | 122.9% | +18.7% |
| 2021 | 103.5% | +7.5% |
| 2020 | 96.2% | -11.4% |
| 2019 | 108.6% | +1.6% |
| 2018 | 106.9% | -0.3% |
| 2017 | 107.2% | +2.6% |
| 2016 | 104.6% | -1.0% |
| 2015 | 105.6% | -0.5% |
| 2014 | 106.1% | -6.9% |
| 2013 | 114.1% | -2.6% |
| 2012 | 117.2% | +10.7% |
| 2011 | 105.8% | +8.9% |
| 2010 | 97.2% | +0.3% |
| 2009 | 96.9% | -6.4% |
| 2008 | 103.5% | +4.0% |
| 2007 | 99.5% | +2.2% |
| 2006 | 97.4% | -3.5% |
| 2005 | 101.0% | +8.1% |
| 2004 | 93.4% | -13.7% |
| 2003 | 108.3% | +9.8% |
| 2002 | 98.6% | -6.0% |
| 2001 | 104.9% | -5.1% |
| 2000 | 110.5% |
Top Countries — Trade (% of GDP)
| # | Country | Value | Year |
|---|---|---|---|
| 1 | Hong Kong SAR, China | 396.6% | 2025 |
| 2 | Luxembourg | 349.9% | 2025 |
| 3 | San Marino | 341.0% | 2023 |
| 4 | Singapore | 320.3% | 2025 |
| 5 | Ireland | 240.0% | 2025 |
| 6 | Malta | 219.0% | 2025 |
| 7 | Djibouti | 206.3% | 2025 |
| 8 | Virgin Islands (U.S.) | 205.6% | 2022 |
| 9 | United Arab Emirates | 199.0% | 2023 |
| 10 | Viet Nam | 190.3% | 2025 |
About This Indicator
Definition
Trade is the sum of exports and imports of goods and services. This indicator is expressed as a percentage of Gross Domestic Product (GDP) which is the total income earned through the production of goods and services in an economic territory during an accounting period.
Methodology
Data compiled by Country official statistics, National Statistical Organizations and/or Central Banks; National Accounts data files, Organisation for Economic Co-operation and Development (OECD); Staff estimates, World Bank (WB).