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Home Foreign Trade Faroese export trade rising by one-third

Faroese export trade rising by one-third

Mackerel on conveyor belts. Image credits: Maria Olsen.

During the first seven months of 2022, the Faroe Islands export trade amounted to 6.7 billion DKK (0.9B EUR), signifying a year-on-year increase of 1.6B DKK (220 million EUR) or 32 percent, according to Statistics Faroe Islands.

Exports of mackerel in particular saw a significant increase in this period, as last year’s catch quota was completed later than usual, providing for higher market value of the fish caught in the winter period. The total value of mackerel exports amounted to 479M DKK (64.4M EUR) in 2021, compared to 260M DKK in the corresponding period of the previous year.

Meanwhile Faroese exports of farmed salmon continues to increase. In the first seven months of the current year, the salmon exports have reached a total value of 3B DKK, which translates into a year-on-year growth of 707M DKK or 30 percent. This is despite the fact that the total volume has decreased some 5,000 tonnes or 12 pc. during that period.

This year’s exports of cod so far are valued at 730M DKK, compared to 515M DKK in the first seven months of 2021, a 42-pc. increase. As for haddock, its export value jumped 60M DKK or as much as 63 pc., with the exported volumes of cod and haddock increasing by 15 and 14 pc., respectively.

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