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Faroe Islands - Trade Openness 2024

Name: Faroe Islands Trade Openness 2024
Creator: World Bank
License: https://creativecommons.org/licenses/by/4.0/

Trade as % of GDP · World Bank

105.75% −7.58% from 2023 Global rank: 108th

Faroe Islands's trade openness was 105.75% in 2024, decreased +7.58% from 113.34% in 2023. This was the 108th highest globally.

Global Ranking - 2024▾

Trade Openness by Country - 2024
Rank	Country	Value	YoY
1st	Sudan	2.00%	-19.3%
2nd	Haiti	22.25%	-27.7%
3rd	United States	25.38%	0.3%
4th	Bangladesh	26.78%	-13.6%
5th	Pakistan	27.58%	-3.1%
6th	Argentina	27.93%	4.7%
7th	Turkmenistan	28.73%	-15.7%
8th	Cameroon	34.40%	-9.2%
9th	Brazil	35.58%	5.7%
10th	Colombia	37.03%	-8.3%
11th	China	37.20%	3.0%
12th	Guinea-Bissau	38.81%	-4.1%
13th	Russian Federation	39.51%	-3.2%
14th	Egypt, Arab Republic of	39.60%	-2.1%
15th	Algeria	40.13%	-8.2%
16th	Kenya	40.19%	-2.3%
17th	New Caledonia	40.37%	-21.8%
18th	Nepal	40.53%	-2.5%
19th	Sierra Leone	40.55%	-26.7%
20th	Benin	40.64%	-9.0%
21st	Zimbabwe	41.49%	3.0%
22nd	Tanzania	41.51%	8.6%
23rd	Gambia, The	42.17%	5.5%
24th	Sri Lanka	42.40%	-2.6%
25th	Indonesia	42.57%	3.0%
26th	Uganda	42.65%	27.9%
27th	Comoros	44.37%	-2.9%
28th	India	44.65%	-0.8%
29th	Japan	46.41%	2.8%
30th	Central African Republic	46.43%	6.8%
31st	Bolivia, Plurinational State of	46.98%	-5.3%
32nd	Australia	47.15%	-3.9%
33rd	Guatemala	47.34%	-2.0%
34th	Chad	47.87%	2.1%
35th	Mali	49.90%	-13.3%
36th	Niger	49.98%	7.5%
37th	Angola	50.84%	-4.1%
38th	New Zealand	51.22%	1.6%
39th	Côte d'Ivoire	51.26%	5.0%
40th	Peru	51.48%	1.4%
41st	Dominican Republic	51.78%	3.9%
42nd	Iran, Islamic Republic of	52.06%	5.4%
43rd	Uruguay	52.46%	-0.8%
44th	Israel	54.45%	-6.1%
45th	Türkiye	54.60%	-16.9%
46th	Saudi Arabia	54.68%	0.9%
47th	Madagascar	54.98%	-10.1%
48th	Kazakhstan	57.16%	-8.3%
49th	Ecuador	57.20%	0.4%
50th	Burkina Faso	60.50%	-4.2%
51st	Equatorial Guinea	60.54%	-1.5%
52nd	Uzbekistan	60.73%	-8.1%
53rd	South Africa	61.65%	-6.1%
54th	Zambia	62.53%	-20.1%
55th	Italy	62.82%	-3.5%
56th	United Kingdom	62.84%	-3.3%
57th	Chile	63.86%	5.2%
58th	French Polynesia	64.47%	-10.1%
59th	Canada	65.15%	-2.2%
60th	Philippines	65.89%	-2.3%
61st	France	68.11%	-3.6%
62nd	Senegal	68.14%	-4.6%
63rd	Ghana	69.79%	8.4%
64th	Spain	69.95%	-2.6%
65th	Rwanda	69.95%	7.8%
66th	Iraq	70.71%	1.8%
67th	Botswana	71.11%	3.3%
68th	Costa Rica	71.33%	-1.6%
69th	Mexico	74.59%	1.4%
70th	Bermuda	75.29%	2.3%
71st	Paraguay	76.83%	-6.8%
72nd	Romania	77.21%	-7.4%
73rd	Ukraine	77.75%	0.3%
74th	Germany	79.09%	-3.5%
75th	Bahamas, The	79.24%	3.5%
76th	Albania	79.45%	-3.5%
77th	Samoa	79.52%	-1.6%
78th	West Bank and Gaza	81.31%	2.2%
79th	Norway	81.36%	1.2%
80th	Azerbaijan	82.69%	-1.0%
81st	Finland	83.46%	-2.5%
82nd	Panama	83.67%	-5.3%
83rd	Korea	84.64%	2.9%
84th	El Salvador	84.66%	3.6%
85th	Iceland	85.97%	-1.6%
86th	Moldova	88.67%	-5.7%
87th	Portugal	89.70%	-3.7%
88th	Greece	89.78%	-2.9%
89th	Honduras	91.11%	-7.8%
90th	European Union	91.65%	-3.7%
91st	Gabon	92.05%	0.6%
92nd	Morocco	92.19%	-1.0%
93rd	Congo, Republic of	93.19%	-3.1%
94th	Mauritania	93.60%	1.6%
95th	Puerto Rico (US)	94.62%	-6.9%
96th	Bosnia and Herzegovina	95.16%	-4.5%
97th	Timor-Leste	95.45%	6.9%
98th	Mozambique	95.66%	-9.8%
99th	Cabo Verde	96.51%	1.5%
100th	Guinea	97.78%	2.0%
101st	Micronesia, Federated States of	98.42%	0.6%
102nd	Nicaragua	98.53%	-6.2%
103rd	Jordan	99.68%	-0.7%
104th	Poland	100.36%	-8.8%
105th	Congo, Democratic Republic of	100.55%	15.9%
106th	Georgia	103.46%	-3.4%
107th	Croatia	104.91%	-2.2%
108th	Faroe Islands	105.75%	-6.7%
109th	Sweden	105.88%	-1.6%
110th	Tunisia	106.30%	-5.2%
111th	Eswatini	107.48%	7.8%
112th	Austria	108.83%	-5.5%
113th	Belize	108.97%	2.4%
114th	Namibia	109.63%	-1.0%
115th	Montenegro	109.94%	-5.9%
116th	Bulgaria	110.23%	-8.1%
117th	Solomon Islands	111.35%	10.1%
118th	Serbia	111.73%	-2.4%
119th	Kosovo	113.79%	3.5%
120th	Oman	114.85%	7.9%
121st	Marshall Islands	123.81%	4.5%
122nd	Cuba	124.86%	3.6%
123rd	Kyrgyz Republic	127.65%	-3.6%
124th	Libya	128.82%	-19.2%
125th	Somalia, Fed. Rep.	130.33%	26.4%
126th	Czechia	131.48%	-0.3%
127th	Denmark	131.77%	1.7%
128th	Belarus	131.92%	0.3%
129th	Latvia	132.26%	-2.5%
130th	Brunei Darussalam	132.59%	-3.1%
131st	Switzerland	134.10%	-0.9%
132nd	North Macedonia	136.32%	-7.8%
133rd	Thailand	136.75%	6.2%
134th	Malaysia	137.36%	3.6%
135th	Mongolia	138.45%	-3.1%
136th	Macao SAR, China	142.08%	-2.6%
137th	Lithuania	143.05%	-4.0%
138th	Cambodia	143.45%	6.9%
139th	Mauritius	145.42%	-1.3%
140th	Hungary	146.50%	-7.5%
141st	Armenia	150.06%	21.6%
142nd	Estonia	151.04%	-2.3%
143rd	Netherlands	153.83%	-6.8%
144th	Slovenia	155.66%	-2.8%
145th	Maldives	156.47%	4.8%
146th	Bahrain	157.82%	0.2%
147th	Belgium	158.93%	-4.2%
148th	Aruba	160.37%	0.8%
149th	Nauru	165.85%	15.2%
150th	Slovak Republic	171.21%	-5.6%
151st	Viet Nam	173.86%	5.5%
152nd	Seychelles	188.37%	4.2%
153rd	Cyprus	190.40%	-0.2%
154th	Malta	218.17%	-1.3%
155th	Djibouti	241.24%	-15.6%
156th	Ireland	246.17%	2.7%
157th	Singapore	322.37%	-1.0%
158th	Luxembourg	351.27%	-12.7%
159th	Hong Kong SAR, China	359.51%	1.8%

FAQ

What was Faroe Islands's trade openness in 2024?▾

Faroe Islands's trade openness in 2024 was 105.75%. This ranked 108th globally.

How did Faroe Islands's trade openness change in 2024?▾

Faroe Islands's trade openness decreased by 6.7% in 2024 compared to 2023.

Which country had the highest trade openness in 2024?▾

Hong Kong SAR, China had the highest trade openness in 2024 at 359.51%.

What is the trade openness of Faroe Islands in 2024?▾

The trade openness of Faroe Islands in 2024 was 105.75%. This ranked 108th globally.

How does 2024 compare to 2023 for Faroe Islands's trade openness?▾

Faroe Islands's trade openness went from 113.34% in 2023 to 105.75% in 2024, a 6.7% decrease.

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