Imports of goods
17. Apr 2024
Fuel imports down DKK 539 million
The table below shows import values in the March 2023 - February 2024 period compared with the previous 12-month period.
The drop in imports is driven by a lower import value of fuels. Imports of mineral fuels, lubricants and related materials fell by DKK 539 million, mainly due to lower prices. Prices peaked in the summer of 2022 when the import value of fuel oil was above DKK 8 per litre. This price has been ranging between DKK 5 and DKK 6 in recent months.
Imports of machinery and transport equipment fell by DKK 635 million (17%). This figure predominantly represents ships.
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Classifying imports by economic function, we see that goods for direct consumption fell by DKK 621.6 million (12%).
Imports for production use fell by DKK 241.6 million (5%). The biggest decline was in building materials, but imports also fell for fuels, transport equipment and similar goods for use in production.
The decrease in regular gross expenses is primarily driven by fewer imported ships.
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Tables for imports and exports have been restructured. All tables now allow selection of imports/exports and value/volume.
The new SITC table (UH01026) is similar to the old tables (UH01020 and UH01021), with the following changes:
- Upgraded BEC classification from Rev. 4 to Rev. 5.
- Uses the FAO’s ISSCFC fishery commodities classification.
- Fish species are classified according to the MCS (Main Commercial Species) system by The European Market Observatory for fisheries and aquaculture products (EUMOFA), launched by the EU Commission.
- Includes fish processing information and supply chain data.
The ISSCFC includes a large number of commodities searchable by codes or text.
All data in the ISSCFC table will eventually be translated into Faroese.