Imports of goods

19. Sep 2023
Imports still declining

The Faroes imported goods worth DKK 6.9 billion in the first seven months of this year.

The DKK 6.9 million in import value in the first seven months of 2023 is about 2% down on the same period in 2022.

Looking at 12-months periods, we see a decline of more than DKK 800 million since February, when the import value peaked. Such annual declines have not been registered since 2009.

Oil prices have gone down in the past six months, and this is reflected in the total import value. Fuel imports totalled DKK 1,014 million in the first seven months of 2023. This is DKK 317.1 million (23.8%) less than in the same period in 2022.

The biggest increase in imports was in ‘raw materials for fish productions’ (predominantly fresh cod and mackerel). In this category, imports increased by DKK 187.4 million (45%).

Imports also increased significantly in the aqua and agriculture group (mostly feeding stuff for use in aquaculture), with the import value increasing by DKK 110.3 million, or 26.8%.

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