Exporting to Faroe Islands

Faroe Islands are located in the North Atlantic Ocean and comprises 18 islands. In the year to June 2019, the total trade in goods and services between the UK and Faroe Islands was £287 million and the total exports from the UK was £50 million.

Business environment

Faroe Islands is an autonomous territory within the Kingdom of Denmark, so shares a lot of the same characteristics regarding ease of doing business. Denmark is the 3rd easiest country in the world to do business (World Bank, 2018).

Demand for goods

In the year to June 2019, the top goods exported from the UK to Faroe Islands were refined oil, metal manufactures, animal feed, coffee, tea and cocoa (ONS, 2019). If you operate in one of these industries, then Faroe Islands could be a good market for you.

Population

49,290

(World Bank, 2017)

Currency

Faroese króna and Danish krone

Business language

Faroese, Danish, English

You may need a translator

Value of total UK exports

£50 million

(ONS, 2019)

Economic growth

1.5%

(IMF, 2018)

Time zone

GMT +0

Next steps

DIT can advise you on doing business abroad, and help put you in touch with other people who can help such as lawyers and distributors.