Russian foreign trade
reports and reviews

Russian trade with Faroe Islands in 2014

by Russian Foreign Trade
based on data from the Federal Customs Service of Russia
The Report on Russia’s foreign trade in goods with Faroe Islands in 2014: exports, imports, products, dynamics.

Russia’s Trade with Faroe Islands

In 2014, Russia’s trade with Faroe Islands totaled $182,947,906, up 50.54% ($61,420,087) from 2013.

Russia’s exports to Faroe Islands in 2014 totaled $10,088,972, up 4.29% ($415,103) from 2013.

Russia’s imports from Faroe Islands in 2014 totaled $172,858,934, up 54.54% ($61,004,984) from 2013.

Russia’s trade deficit with Faroe Islands in 2014 was $162,769,962, a 59.30% increase ($60,589,881) over 2013.

Faroe Islands was Russia’s 102nd largest trading partner in 2014 (up from 111th in 2013), accounting for 0.0234% of Russia’s total trade (up from 0.0144% in 2013).

Faroe Islands was Russia’s 137th largest export market in 2014 (up from 139th in 2013), accounting for 0.0020% of Russia’s total exports (up from 0.0018% in 2013).

Faroe Islands was Russia’s 75th largest supplier in 2014 (up from 82nd in 2013), accounting for 0.0604% of Russia’s total imports (up from 0.0355% in 2013).

Russia’s Exports to Faroe Islands

The major share of Russian exports to Faroe Islands in 2014 (and in 2013) was accounted for the following product types:

  • Mineral products (HS codes 25-27) - 41.11% of Russia’s total exports to Faroe Islands (79.16% in 2013);
  • Food products and agricultural raw materials (HS codes 01-24) - 34.02% of Russia’s total exports to Faroe Islands (0.00% in 2013);
  • Wood and wood products (HS codes 44-49) - 21.98% of Russia’s total exports to Faroe Islands (16.87% in 2013);
  • Textiles, textile products and footwear (HS codes 50-67) - 2.64% of Russia’s total exports to Faroe Islands (2.85% in 2013);
  • Chemical products (HS codes 28-40) - 0.24% of Russia’s total exports to Faroe Islands (1.12% in 2013).

The largest gains in Russia’s exports to Faroe Islands in 2014 over 2013 were recorded for the following product groups:

  • Animal or vegetable fats and oils and their cleavage products prepared edible fats; animal or vegetable waxes (HS code 15) - an increase of $3,431,873;
  • Paper and paperboard; articles of paper pulp, of paper or of paperboard (HS code 48) - an increase of $478,782;
  • Wood and articles of wood; wood charcoal (HS code 44) - an increase of $106,069.

The largest declines in Russia’s exports to Faroe Islands in 2014 over 2013 were recorded for the following product groups:

  • Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes (HS code 27) - a decrease of $3,510,630;
  • Rubber and articles thereof (HS code 40) - a decrease of $95,913.
Russia’s exports to Faroe Islands in 2014 by product groups
HS
code
Name of product group Value of exports
in 2014,
US dollars ($)
Percent share in total export Value of exports
in 2013,
US dollars ($)
Percent change
in 2014
over 2013
15 Animal or vegetable fats and oils and their cleavage products prepared edible fats; animal or vegetable waxes 3,431,873 34.02 0
27 Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes 4,147,257 41.11 7,657,887-45.84
39 Plastics and articles thereof 23,900 0.24 12,28794.51
40 Rubber and articles thereof 0 0.00 95,913-100.00
44 Wood and articles of wood; wood charcoal 293,463 2.91 187,39456.60
48 Paper and paperboard; articles of paper pulp, of paper or of paperboard 1,923,818 19.07 1,445,03633.13
56 Wadding, felt and nonwovens; special yarns, twine, cordage, ropes and cables and articles thereof 264,425 2.62 267,580-1.18
62 Articles of apparel and clothing accessories, not knitted or crocheted 2,256 0.02 7,772-70.97
84 Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof 1,980 0.02 0

Russia’s Imports from Faroe Islands

The major share of Russian imports from Faroe Islands in 2014 (and in 2013) was accounted for the following product types:

  • Food products and agricultural raw materials (HS codes 01-24) - 99.89% of Russia’s total imports from Faroe Islands (100.00% in 2013).

The largest gains in Russia’s imports from Faroe Islands in 2014 over 2013 were recorded for the following product groups:

  • Fish and crustaceans, molluscs and other aquatic invertebrates (HS code 03) - an increase of $60,823,976.

The largest declines in Russia’s imports from Faroe Islands in 2014 over 2013 were recorded for the following product groups:

  • No product groups with a substantial decrease.
Russia’s imports from Faroe Islands in 2014 by product groups
HS
code
Name of product group Value of imports in 2014,
US dollars ($)
Percent share in total import Value of imports in 2013,
US dollars ($)
Percent change
in 2014
over 2013
03 Fish and crustaceans, molluscs and other aquatic invertebrates 172,675,115 99.89 111,851,13954.38
44 Wood and articles of wood; wood charcoal 25,302 0.01 0
73 Articles of iron or steel 0 0.00 2,811-100.00
85 Electrical machinery and equipment and parts thereof; sound recorders and reproducers, television image and sound recorders and reproducers, and parts and accessories of such articles 77,728 0.04 0
94 Furniture; bedding, mattresses, mattress supports, cushions and similar stuffed furnishings; lamps and lighting fittings, not elsewhere specified or included; illuminated sign illuminated nameplates and the like; prefabricated buildings 80,789 0.05 0
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Russian foreign trade statistics
Source: Federal Customs Service of Russia