Faroese export industries thrive as tourism and shipping sectors grow

Both the shipping and tourism sectors are experiencing growth among Faroese export industries. Other sectors, such as construction, which also bids for international contracts, and information and communication technology, are also on the rise.

Niels Winther, director of Vinnuhúsið, mentions that an increasing number of Faroese subcontractors for major industries are making their mark abroad. Currently, the aquaculture and fishing industries account for approximately 80 percent of total exports, while service industries make up about 20 percent.

In Iceland, the tourism sector is the leading export industry, with fishing coming in fourth in terms of Icelandic exports.

On September 13, the company GroAqua, based in Kambsdalur and originally established in 1972, was named Business of the Year 2024. The company shifted its focus in 2018 to provide products and services specifically for the aquaculture industry, both locally and globally. According to its director, Suna Justinussen, around 74 percent of GroAqua’s sales come from international markets, with the domestic market accounting for about 26 percent. In addition to its headquarters in the Faroe Islands, GroAqua has branches in Scotland, Norway, and Poland.

Pætur Jakobsen, a director at engineering firm SMJ, founded in 1969, states that 75 percent of SMJ’s sales are generated abroad. He emphasizes the importance of the international market, especially given the economic fluctuations in the Faroese market. The firm operates in several Nordic countries, including Denmark, Iceland, Norway, and Greenland.

Lastly, the Faroe Islands exported goods worth a total of 12.692 billion DKK in 2023, with significant contributions from aquaculture and fishing. In 2022, they exported services valued at approximately 3 billion DKK.