Imports of goods
18. Jun 2024
Imports down by DKK 1.6 billion
The table below shows import values in the May 2023 - April 2024 period compared with the previous 12-month period.
The drop in imports is driven by lower import values of fuels and ships. Imports of fuels and other oils fell by DKK 523 million, mainly due to lower prices.
Imports of machinery, engines, ships and vehicles fell by DKK 744 million (20.5%). This decline mainly applies to ships.
[px-graph-1]
Classifying imports by economic function, we see that goods for direct consumption fell by DKK 733 million (14%).
Imports for production use fell by DKK 201.8 million (4.3%). The biggest decline was in building materials; however, imports also fell for transport equipment and similar goods for use in production. Imports in ‘Textiles, clothing and footwear’ increased by DKK 48.3 million. This category includes materials for trawl production.
The decrease in regular gross expenses is primarily driven by fewer imported ships.
[px-graph-2]
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.