Faroe Islands - Merchandise exports to high-income economies (% of total merchandise exports)

Merchandise exports to high-income economies (% of total merchandise exports) in Faroe Islands was 63.13 as of 2020. Its highest value over the past 58 years was 100.00 in 1963, while its lowest value was 60.38 in 2018.

Definition: Merchandise exports to high-income economies are the sum of merchandise exports from the reporting economy to high-income economies according to the World Bank classification of economies. Data are expressed as a percentage of total merchandise exports by the economy. Data are computed only if at least half of the economies in the partner country group had non-missing data.

Source: World Bank staff estimates based data from International Monetary Fund's Direction of Trade database.

See also:

Year Value
1962 100.00
1963 100.00
1964 80.20
1965 88.72
1966 91.56
1967 90.59
1968 91.34
1969 96.41
1970 97.06
1971 98.23
1972 96.31
1973 96.51
1974 96.56
1975 96.03
1976 98.51
1977 98.62
1978 99.07
1979 98.11
1980 96.45
1981 98.52
1982 98.36
1983 96.33
1984 96.45
1985 98.06
1986 98.82
1987 98.78
1988 98.36
1989 98.35
1990 97.44
1991 97.12
1992 89.80
1993 97.83
1994 98.52
1995 99.45
1996 99.59
1997 99.42
1998 98.49
1999 98.66
2000 98.62
2001 98.25
2002 97.85
2003 96.69
2004 96.46
2005 91.39
2006 93.02
2007 90.54
2008 92.11
2009 84.20
2010 83.69
2011 79.11
2012 80.15
2013 79.55
2014 69.51
2015 61.83
2016 64.92
2017 61.64
2018 60.38
2019 61.41
2020 63.13

Development Relevance: Low- and middle-income economies are an increasingly important part of the global trading system. Trade between high-income economies and low- and middle-income economies has grown faster than trade between high-income economies. This increased trade benefits both producers and consumers in developing and high-income economies. At the regional level most exports from low- and middle-income economies are to high-income economies, but the share of intraregional trade is increasing. Geographic patterns of trade vary widely by country and commodity. Larger shares of exports from oil- and resource-rich economies are to high-income economies.

Limitations and Exceptions: Data on exports and imports are from the International Monetary Fund's (IMF) Direction of Trade database and should be broadly consistent with data from other sources, such as the United Nations Statistics Division's Commodity Trade (Comtrade) database. All high-income economies and major low- and middle-income economies report trade data to the IMF on a timely basis, covering about 85 percent of trade for recent years. Trade data for less timely reporters and for countries that do not report are estimated using reports of trading partner countries. Therefore, data on trade between developing and high-income economies should be generally complete. But trade flows between many low- and middle-income economies - particularly those in Sub-Saharan Africa - are not well recorded, and the value of trade among low- and middle-income economies may be understated.

Aggregation method: Weighted average

Periodicity: Annual

Classification

Topic: Private Sector & Trade Indicators

Sub-Topic: Exports