Faroe Islands’ export industries bolster growth in shipping and tourism sectors

Both the shipping and tourism sectors are experiencing growth in the Faroe Islands’ export industries. Additionally, other sectors such as construction, which offers services abroad, and information and communication technology are also emerging.

According to Niels Winther, director of the Business House, an increasing number of Faroese subcontractors for major local industries are now establishing themselves internationally. Currently, the aquaculture and fishing industries account for approximately 80 percent of total exports, while service industries represent about 20 percent.

Winther notes that in Iceland, tourism is the leading export sector, with fishing coming in fourth in terms of exports.

On September 13, GroAqua from Kambsdalur, originally founded in 1972 as JT Electric, was awarded Company of the Year 2024. In 2018, the company shifted its focus to providing products and services exclusively for the aquaculture industry, reaching clients globally.

Suna Justinussen, the CEO of GroAqua, discusses the importance of product development and the criteria for success in global markets. Notably, around 74 percent of GroAqua’s sales come from overseas, while the domestic market accounts for about 26 percent. Besides its headquarters in the Faroe Islands, GroAqua has branches in Scotland, Norway, and Poland.

Pætur Jakobsen, co-director of engineering firm SMJ, established in 1969, emphasizes the importance of international markets for the company, with 75 percent of sales derived from abroad. He encourages Faroese businesses not to shy away from international competition, asserting that they are as capable as any others.

In 2023, the Faroe Islands exported goods worth 12.692 billion crowns, with significant contributions from aquaculture and fishing sectors. Service exports in 2022 amounted to around 3 billion crowns.