Russian foreign trade
reports and reviews

Russian trade with Faroe Islands in 2015

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 2015: exports, imports, products, dynamics.

Russia’s Trade with Faroe Islands

In 2015, Russia’s trade with Faroe Islands totaled $293,848,657, up 60.62% ($110,900,751) from 2014.

Russia’s exports to Faroe Islands in 2015 totaled $16,694,147, up 65.47% ($6,605,175) from 2014.

Russia’s imports from Faroe Islands in 2015 totaled $277,154,510, up 60.34% ($104,295,576) from 2014.

Russia’s trade deficit with Faroe Islands in 2015 was $260,460,363, a 60.02% increase ($97,690,401) over 2014.

Faroe Islands was Russia’s 89th largest trading partner in 2015 (up from 102nd in 2014), accounting for 0.0558% of Russia’s total trade (up from 0.0234% in 2014).

Faroe Islands was Russia’s 138th largest export market in 2015 (down from 137th in 2014), accounting for 0.0049% of Russia’s total exports (up from 0.0020% in 2014).

Faroe Islands was Russia’s 59th largest supplier in 2015 (up from 75th in 2014), accounting for 0.1517% of Russia’s total imports (up from 0.0604% in 2014).

Russia’s Exports to Faroe Islands

The major share of Russian exports to Faroe Islands in 2015 (and in 2014) was accounted for the following product types:

  • Machinery, equipment and vehicles (HS codes 84-90) - 43.84% of Russia’s total exports to Faroe Islands (0.02% in 2014);
  • Mineral products (HS codes 25-27) - 25.00% of Russia’s total exports to Faroe Islands (41.11% in 2014);
  • Food products and agricultural raw materials (HS codes 01-24) - 17.62% of Russia’s total exports to Faroe Islands (34.02% in 2014);
  • Wood and wood products (HS codes 44-49) - 13.13% of Russia’s total exports to Faroe Islands (21.98% in 2014);
  • Textiles, textile products and footwear (HS codes 50-67) - 0.04% of Russia’s total exports to Faroe Islands (2.64% in 2014).

The largest gains in Russia’s exports to Faroe Islands in 2015 over 2014 were recorded for the following product groups:

  • Ships, boats and floating structures (HS code 89) - an increase of $7,313,769.

The largest declines in Russia’s exports to Faroe Islands in 2015 over 2014 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) - a decrease of $490,089;
  • Wadding, felt and nonwovens; special yarns, twine, cordage, ropes and cables and articles thereof (HS code 56) - a decrease of $264,425.
Russia’s exports to Faroe Islands in 2015 by product groups
HS
code
Name of product group Value of exports
in 2015,
US dollars ($)
Percent share in total export Value of exports
in 2014,
US dollars ($)
Percent change
in 2015
over 2014
15 Animal or vegetable fats and oils and their cleavage products prepared edible fats; animal or vegetable waxes 2,941,784 17.62 3,431,873-14.28
22 Beverages, spirits and vinegar 214 0.00 0
27 Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes 4,173,287 25.00 4,147,2570.63
29 Organic chemicals 484 0.00 0
32 Tanning or dyeing extracts; dyes, pigments, paints, varnishes, putty and mastics 483 0.00 0
34 Soap, organic surface-active agents, washing preparations, lubricating preparations, artificial waxes, prepared waxes, polishing or scouring preparations, candles and similar articles, modeling pastes, "dental waxes" and dental preparations with a basis of plaster 3,294 0.02 0
39 Plastics and articles thereof 45,636 0.27 23,90090.95
44 Wood and articles of wood; wood charcoal 304,596 1.82 293,4633.79
48 Paper and paperboard; articles of paper pulp, of paper or of paperboard 1,887,221 11.30 1,923,818-1.90
56 Wadding, felt and nonwovens; special yarns, twine, cordage, ropes and cables and articles thereof 0 0.00 264,425-100.00
62 Articles of apparel and clothing accessories, not knitted or crocheted 5,164 0.03 2,256128.90
63 Other made up textile articles; sets; worn clothing and worn textile articles; rags 1,863 0.01 0
73 Articles of iron or steel 11,552 0.07 0
84 Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof 4,800 0.03 1,980142.42
89 Ships, boats and floating structures 7,313,769 43.81 0

Russia’s Imports from Faroe Islands

The major share of Russian imports from Faroe Islands in 2015 (and in 2014) was accounted for the following product types:

  • Food products and agricultural raw materials (HS codes 01-24) - 99.99% of Russia’s total imports from Faroe Islands (99.89% in 2014).

The largest gains in Russia’s imports from Faroe Islands in 2015 over 2014 were recorded for the following product groups:

  • Fish and crustaceans, molluscs and other aquatic invertebrates (HS code 03) - an increase of $104,463,359.

The largest declines in Russia’s imports from Faroe Islands in 2015 over 2014 were recorded for the following product groups:

  • No product groups with a substantial decrease.
Russia’s imports from Faroe Islands in 2015 by product groups
HS
code
Name of product group Value of imports in 2015,
US dollars ($)
Percent share in total import Value of imports in 2014,
US dollars ($)
Percent change
in 2015
over 2014
03 Fish and crustaceans, molluscs and other aquatic invertebrates 277,138,474 99.99 172,675,11560.50
40 Rubber and articles thereof 623 0.00 0
44 Wood and articles of wood; wood charcoal 15,379 0.01 25,302-39.22
73 Articles of iron or steel 34 0.00 0
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 0 0.00 77,728-100.00
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 0 0.00 80,789-100.00
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Russian foreign trade statistics
Source: Federal Customs Service of Russia