Imports of goods
 20. Mar 2024
Imports down by DKK 1.2 billion

Total imports amounted to DKK 11.2 billion from February 2023 to January 2024. This is a decrease of DKK 1.2 billion (9.4%) on the previous 12-month period.

The table below shows import values in the February 2023 – January 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 589 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 ranged between DKK 5 and DKK 6 in recent months.

Imports of food and live animals rose by DKK 208 million (9%), mainly driven by increased imports of fish for production and aquaculture feed.

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Classifying imports by economic function, we see that goods for direct consumption fell by DKK 492 million (9.3%). Imports for production use fell by DKK 189 million (4.1%). The biggest decline was in building materials, but imports also fell for fuels, transport equipment and similar goods for use in production.

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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.

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All tables (Statbank)