Imports of goods
 16. Aug 2024
Imports down DKK 852 million in H1 2024

Total imports amounted to DKK 5.1 billion in the first half (H1) of 2024. This is a DKK 852 million (14%) drop on H1 2023.

The table below shows import values in H1 2024 compared with H1 2023.

The drop in imports is driven by lower import values of fuels and ships. Imports of fuels and other oils fell by DKK 72 million, mainly due to lower prices. 

Imports of machinery, engines, ships and vehicles fell by DKK 574 million (31%). This decline mainly applies to ships.

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Classifying imports by economic function, we see that goods for direct consumption went down by DKK 271 million (11%). 

Imports for production use fell by DKK 119 million (6%). The biggest decline was in building materials; however, imports also fell for transport equipment and materials for aquaculture.

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.

See more graphs
All tables (Statbank)