Russian foreign trade
reports and reviews

Russian trade with Faroe Islands in the 1st quarter of 2016

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 the first quarter of 2016: exports, imports, products, dynamics.

Russia's Trade with Faroe Islands

In the 1st quarter of 2016, Russia's trade with Faroe Islands totaled $57,620,334, up 19.63% ($9,453,216) from the 1st quarter of 2015.

Russia's exports to Faroe Islands in the 1st quarter of 2016 were $855,780, down 27.87% ($330,664) from the 1st quarter of 2015.

Russia's imports from Faroe Islands in the 1st quarter of 2016 totaled $56,764,554, up 20.83% ($9,783,880) from the 1st quarter of 2015.

Russia's trade deficit with Faroe Islands in the 1st quarter of 2016 was $55,908,774, a 22.09% increase ($10,114,544) over the 1st quarter of 2015.

Faroe Islands was Russia's 89th largest trading partner in the 1st quarter of 2016 (up from 91st in the 1st quarter of 2015), accounting for 0.0592% of Russia's total trade (up from 0.0364% in the 1st quarter of 2015).

Faroe Islands was Russia's 149th largest export market in the 1st quarter of 2016 (down from 137th in the 1st quarter of 2015), accounting for 0.0014% of Russia's total exports (up from 0.0013% in the 1st quarter of 2015).

Faroe Islands was Russia's 58th largest supplier in the 1st quarter of 2016 (up from 62nd in the 1st quarter of 2015), accounting for 0.1580% of Russia's total imports (up from 0.1118% in the 1st quarter of 2015).

Russia's Exports to Faroe Islands

The major share of Russian exports to Faroe Islands in the 1st quarter of 2016 (and in the 1st quarter of 2015) was accounted for the following product types:

  • Wood and wood products (HS codes 44-49) - 47.27% of Russia's total exports to Faroe Islands (63.41% in the 1st quarter of 2015);
  • Mineral products (HS codes 25-27) - 34.58% of Russia's total exports to Faroe Islands (33.32% in the 1st quarter of 2015);
  • Textiles, textile products and footwear (HS codes 50-67) - 18.15% of Russia's total exports to Faroe Islands (0.16% in the 1st quarter of 2015);
  • Chemical products (HS codes 28-40) - 0.00% of Russia's total exports to Faroe Islands (2.69% in the 1st quarter of 2015).

The largest gains in Russia's exports to Faroe Islands in the 1st quarter of 2016 over the 1st quarter of 2015 were recorded for the following product groups:

  • Wadding, felt and nonwovens; special yarns, twine, cordage, ropes and cables and articles thereof (HS code 56) - an increase of $155,308.

The largest declines in Russia's exports to Faroe Islands in the 1st quarter of 2016 over the 1st quarter of 2015 were recorded for the following product groups:

  • Paper and paperboard; articles of paper pulp, of paper or of paperboard (HS code 48) - a decrease of $332,855;
  • Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes (HS code 27) - a decrease of $99,430;
  • Plastics and articles thereof (HS code 39) - a decrease of $30,937;
  • Wood and articles of wood; wood charcoal (HS code 44) - a decrease of $14,906;
  • Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof (HS code 84) - a decrease of $4,800.
Russia's exports to Faroe Islands in the 1st quarter of 2016 by product groups
HS
code
Name of product group Value of exports
in Q1 2016,
US dollars ($)
Percent share
in total export
in Q1 2016
Percent change
in Q1 2016
over Q1 2015
22 Beverages, spirits and vinegar 0 0.00 -100.00
27 Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes 295,930 34.58 -25.15
29 Organic chemicals 0 0.00 -100.00
32 Tanning or dyeing extracts; dyes, pigments, paints, varnishes, putty and mastics 0 0.00 -100.00
39 Plastics and articles thereof 0 0.00 -100.00
44 Wood and articles of wood; wood charcoal 77,231 9.02 -16.18
48 Paper and paperboard; articles of paper pulp, of paper or of paperboard 327,311 38.25 -50.42
56 Wadding, felt and nonwovens; special yarns, twine, cordage, ropes and cables and articles thereof 155,308 18.15
63 Other made up textile articles; sets; worn clothing and worn textile articles; rags 0 0.00 -100.00
84 Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof 0 0.00 -100.00

Russia's Imports from Faroe Islands

The major share of Russian imports from Faroe Islands in the 1st quarter of 2016 (and in the 1st quarter of 2015) was accounted for the following product types:

  • Food products and agricultural raw materials (HS codes 01-24) - 100.00% of Russia's total imports from Faroe Islands (100.00% in the 1st quarter of 2015).

The largest gains in Russia's imports from Faroe Islands in the 1st quarter of 2016 over the 1st quarter of 2015 were recorded for the following product groups:

  • Fish and crustaceans, molluscs and other aquatic invertebrates (HS code 03) - an increase of $9,783,692.

The largest declines in Russia's imports from Faroe Islands in the 1st quarter of 2016 over the 1st quarter of 2015 were recorded for the following product groups:

  • No such product groups.
Russia's imports from Faroe Islands in the 1st quarter of 2016 by product groups
HS
code
Name of product group Value of imports
in Q1 2016,
US dollars ($)
Percent share
in total import
in Q1 2016
Percent change
in Q1 2016
over Q1 2015
03 Fish and crustaceans, molluscs and other aquatic invertebrates 56,764,366 100.00 20.82
73 Articles of iron or steel 176 0.00
87 Vehicles other than railway or tramway rolling stock, and parts and accessories thereof 12 0.00
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Russian foreign trade statistics
Source: Federal Customs Service of Russia