Goods are imported to the Faroe Islands from many countries across the world. For example, do these numbers show that we import clothing from the small island of Tuvalu, and also from the South American country Bolivia. Through these numbers we also find that half of all food and beverages are imported from the Northern countries.
The imports are classified according to country of origin, as well as two international classifications. One is BEC (Broad Economic Categories), which classifies the goods according to final usage. The other classification is SITC (Standard International Trade Classification), which classifies the goods according to material and level of production. Examples of level of production are raw materials, semi-manufactured goods and finished goods.
- The value of imports is calculated by the CIF method (Cost Insurance and Freight). This means that the cost of transportation is included as well as the value of the goods.
- The value of exports is calculated by the FOB method (Free On Board). This means that the cost of transport is not included.