Faroe Islands exports decline by 288 million kroner in first half of 2023

In the first half of this year, the Faroe Islands experienced a decline in exports, totaling 288 million kroner less than the same period last year. According to Statistics Faroe Islands, this represents a decrease of 4.5 percent.

The total export value for the first half of this year amounted to 5.9 billion kroner. Notably, the export of fish products saw a reduction of 159 million kroner. However, salmon exports increased significantly by 405 million kroner, marking a 16.5 percent increase in value and a 21.1 percent increase in quantity.

Imports also witnessed a decline during the same period compared to last year, decreasing by 852 million kroner, or 14.3 percent. The total import value was 5.1 billion kroner in the first half of this year.

The import of fuel and other oils fell by 72 million kroner, primarily attributed to lower prices, as reported by Statistics Faroe Islands.