Faroe Islands | Exports of goods and services (% of GDP)

Exports of goods and services represent the value of all goods and other market services provided to the rest of the world. They include the value of merchandise, freight, insurance, transport, travel, royalties, license fees, and other services, such as communication, construction, financial, information, business, personal, and government services. They exclude compensation of employees and investment income (formerly called factor services) and transfer payments. Limitations and exceptions: Because policymakers have tended to focus on fostering the growth of output, and because data on production are easier to collect than data on spending, many countries generate their primary estimate of GDP using the production approach. Moreover, many countries do not estimate all the components of national expenditures but instead derive some of the main aggregates indirectly using GDP (based on the production approach) as the control total. Data on exports and imports are compiled from customs reports and balance of payments data. Although the data from the payments side provide reasonably reliable records of cross-border transactions, they may not adhere strictly to the appropriate definitions of valuation and timing used in the balance of payments or corresponds to the change-of ownership criterion. This issue has assumed greater significance with the increasing globalization of international business. Neither customs nor balance of payments data usually capture the illegal transactions that occur in many countries. Goods carried by travelers across borders in legal but unreported shuttle trade may further distort trade statistics. Statistical concept and methodology: Gross domestic product (GDP) from the expenditure side is made up of household final consumption expenditure, general government final consumption expenditure, gross capital formation (private and public investment in fixed assets, changes in inventories, and net acquisitions of valuables), and net exports (exports minus imports) of goods and services. Such expenditures are recorded in purchaser prices and include net taxes on products.
Publisher
The World Bank
Origin
Faroe Islands
Records
63
Source
Faroe Islands | Exports of goods and services (% of GDP)
1960
1961
1962 46.47941516
1963 41.65061015
1964 36.66854566
1965 41.91856108
1966 32.35161871
1967 38.52832646
1968 31.51973819
1969 34.65195892
1970 39.40345369
1971 37.87199348
1972 38.83998553
1973 48.32889071
1974 40.51530059
1975 35.50929823
1976 38.617737
1977 41.28550218
1978 35.31610374
1979 33.60735624
1980 36.24127258
1981 36.49538462
1982 33.68108108
1983 35.14382022
1984 38.07796917
1985 39.88083008
1986 36.47290994
1987 39.82519789
1988 36.45705521
1989 40.19454032
1990 43.82778338
1991 48.36657497
1992 48.39353785
1993 43.79813539
1994 43.57646084
1995 40.73267327
1996 49.84315092
1997 48.74331117
1998 46.65054642
1999 48.76191687
2000 51.33555927
2001 51.5631634
2002 49.06372622
2003 46.7723841
2004 43.70185422
2005 42.04586374
2006 41.79952828
2007 42.1294442
2008 45.97477489
2009 43.65865349
2010 46.72263653
2011 52.43447363
2012 52.55876809
2013 55.44296257
2014 53.41428816
2015 53.21649246
2016 54.53633397
2017 56.36529959
2018 52.81800664
2019 55.76971628
2020 47.57038162
2021 52.61316461
2022 62.39811146

Faroe Islands | Exports of goods and services (% of GDP)

Exports of goods and services represent the value of all goods and other market services provided to the rest of the world. They include the value of merchandise, freight, insurance, transport, travel, royalties, license fees, and other services, such as communication, construction, financial, information, business, personal, and government services. They exclude compensation of employees and investment income (formerly called factor services) and transfer payments. Limitations and exceptions: Because policymakers have tended to focus on fostering the growth of output, and because data on production are easier to collect than data on spending, many countries generate their primary estimate of GDP using the production approach. Moreover, many countries do not estimate all the components of national expenditures but instead derive some of the main aggregates indirectly using GDP (based on the production approach) as the control total. Data on exports and imports are compiled from customs reports and balance of payments data. Although the data from the payments side provide reasonably reliable records of cross-border transactions, they may not adhere strictly to the appropriate definitions of valuation and timing used in the balance of payments or corresponds to the change-of ownership criterion. This issue has assumed greater significance with the increasing globalization of international business. Neither customs nor balance of payments data usually capture the illegal transactions that occur in many countries. Goods carried by travelers across borders in legal but unreported shuttle trade may further distort trade statistics. Statistical concept and methodology: Gross domestic product (GDP) from the expenditure side is made up of household final consumption expenditure, general government final consumption expenditure, gross capital formation (private and public investment in fixed assets, changes in inventories, and net acquisitions of valuables), and net exports (exports minus imports) of goods and services. Such expenditures are recorded in purchaser prices and include net taxes on products.
Publisher
The World Bank
Origin
Faroe Islands
Records
63
Source