Imports of goods
 18. Feb 2025
Fuel is now imported from Norway

Total imports amounted to DKK 10.3 billion in 2024. This is DKK 1.5 billion (13%) less than in 2023.

The graphs below show import values in 2024 compared with 2023.

The drop in imports is driven by lower import values of fuels and ships. Imports of fuels and other oils fell by DKK 226.5 million.

Ship imports fell by DKK 758 million (57%) and vehicle imports by DKK 112 million (18%), contributing to an overall DKK 1 billion (29%) year-on-year decline in imports of machinery, engines, ships and vehicles.

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Oil products constitute the largest SITC group imported to the Faroes. However, imports of this group fell by DKK 227 million (13%). Most groups in the top-10 saw a decrease. Excluding imports of ships, which are highly volatile, vehicle imports experienced the second-biggest drop, falling by DKK 111.6 million (18%). The only SITC group that saw higher imports is ‘Textile yarn, fabrics, made-up articles, n.e.s, and related products’. This group has seen higher imports every year, and from 2023 to 2024, imports of this group increased by almost DKK 70 million (30%). This predominantly includes trawls, seines and similar items. This group pushed ‘Medicinal and pharmaceutical products’ out of the top-10 list of imported goods.

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The table below shows that considerably less is imported from the EU and the USA, while imports from non-EU Europe have increased. Imports from the EU decreased by almost DKK 1.5 billion (23%), while imports from non-EU Europe increased by DKK 928.6 million (50%).

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Imports from the EU have returned to pre-2022 levels, at around DKK 5 billion per year. The decline in imports from the EU and the rise in imports from Non-EU Europe is largely due to oil now being imported from Norway (non-EU) rather than the Netherlands (EU). Imports from Africa remain modest but are on a steady increase. Imports from Asia have tripled in the past ten years.

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Denmark is the country that the Faroes import the most from. However, with oil now being imported from Norway, Norway is in a clear second place. Imports from Iceland and Poland have increased by DKK 28.8 million and DKK 25.7 million, respectively. Iceland and Poland have pushed Italy and France out of the top-10 list.

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See more graphs
All tables (Statbank)