Imports of goods
15. Oct 2024
Imports down DKK 956 million
The graphs below show import values and volumes in the September 2023 - August 2024 period.
The drop in imports is driven by lower import values of fuels and ships. Imports of fuels and other oils fell by DKK 339.4 million, mainly due to lower prices.
Imports of machinery, engines, ships and vehicles fell by DKK 323.9 million (10.4%). 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 541.8 million (12%).
Imports for production use fell by DKK 235.6 million (4.7%). The biggest decline was in building materials; however, imports also dropped significantly for raw materials for fish production, falling DKK 93.9 million year-on-year. Imports of medicine increased by DKK 28.5 million.
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.