Russian foreign trade
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Russian trade with Faroe Islands in the 3rd 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 third quarter of 2016: exports, imports, products, dynamics.

Russia’s Trade with Faroe Islands

In the 3rd quarter of 2016, Russia’s trade with Faroe Islands was $60,902,038, down 2.97% ($1,864,671) from the 3rd quarter of 2015.

Russia’s exports to Faroe Islands in the 3rd quarter of 2016 were $1,628,410, down 20.23% ($413,058) from the 3rd quarter of 2015.

Russia’s imports from Faroe Islands in the 3rd quarter of 2016 were $59,273,628, down 2.39% ($1,451,613) from the 3rd quarter of 2015.

Russia’s trade deficit with Faroe Islands in the 3rd quarter of 2016 was $57,645,218, a 1.77% decrease ($1,038,555) over the 3rd quarter of 2015.

Faroe Islands was Russia’s 93rd largest trading partner in the 3rd quarter of 2016 (up from 94th in the 3rd quarter of 2015), accounting for 0.0500% of Russia’s total trade (up from 0.0495% in the 3rd quarter of 2015).

Faroe Islands was Russia’s 144th largest export market in the 3rd quarter of 2016 (down from 140th in the 3rd quarter of 2015), accounting for 0.0023% of Russia’s total exports (down from 0.0026% in the 3rd quarter of 2015).

Faroe Islands was Russia’s 62nd largest supplier in the 3rd quarter of 2016 (down from 57th in the 3rd quarter of 2015), accounting for 0.1186% of Russia’s total imports (down from 0.1281% in the 3rd quarter of 2015).

Russia’s Exports to Faroe Islands

The major share of Russian exports to Faroe Islands in the 3rd quarter of 2016 (and in the 3rd quarter of 2015) was accounted for the following product types:

  • Mineral products (HS codes 25-27) - 65.69% of Russia’s total exports to Faroe Islands (45.45% in the 3rd quarter of 2015);
  • Wood and wood products (HS codes 44-49) - 34.21% of Russia’s total exports to Faroe Islands (53.13% in the 3rd quarter of 2015).

The largest gains in Russia’s exports to Faroe Islands in the 3rd quarter of 2016 over the 3rd quarter of 2015 were recorded for the following product groups:

  • Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes (HS code 27) - an increase of $137,062;
  • Wood and articles of wood; wood charcoal (HS code 44) - an increase of $78,598.

The largest declines in Russia’s exports to Faroe Islands in the 3rd quarter of 2016 over the 3rd 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 $606,298;
  • Plastics and articles thereof (HS code 39) - a decrease of $14,698;
  • Articles of iron or steel (HS code 73) - a decrease of $11,552.
Russia’s exports to Faroe Islands in the 3rd quarter of 2016 by product groups
HS
code
Name of product group Value of exports
in Q3 2016,
US dollars ($)
Percent share in total export Value of exports
in Q3 2015,
US dollars ($)
Percent change
in Q3 2016
over Q3 2015
22 Beverages, spirits and vinegar 204 0.01 0
25 Salt; sulfur; earths and stone; plastering materials, lime and cement 4,786 0.29 0
27 Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes 1,064,850 65.39 927,78814.77
39 Plastics and articles thereof 0 0.00 14,698-100.00
44 Wood and articles of wood; wood charcoal 138,791 8.52 60,193130.58
48 Paper and paperboard; articles of paper pulp, of paper or of paperboard 418,237 25.68 1,024,535-59.18
62 Articles of apparel and clothing accessories, not knitted or crocheted 0 0.00 2,702-100.00
68 Articles of stone, plaster, cement, asbestos, mica or similar materials 1,542 0.09 0
73 Articles of iron or steel 0 0.00 11,552-100.00

Russia’s Imports from Faroe Islands

The major share of Russian imports from Faroe Islands in the 3rd quarter of 2016 (and in the 3rd quarter of 2015) was accounted for the following product types:

  • Food products and agricultural raw materials (HS codes 01-24) - 99.91% of Russia’s total imports from Faroe Islands (100.00% in the 3rd quarter of 2015).

The largest gains in Russia’s imports from Faroe Islands in the 3rd quarter of 2016 over the 3rd quarter of 2015 were recorded for the following product groups:

  • No such product groups.

The largest declines in Russia’s imports from Faroe Islands in the 3rd quarter of 2016 over the 3rd quarter of 2015 were recorded for the following product groups:

  • Fish and crustaceans, molluscs and other aquatic invertebrates (HS code 03) - a decrease of $1,503,049.
Russia’s imports from Faroe Islands in the 3rd quarter of 2016 by product groups
HS
code
Name of product group Value of imports in Q3 2016,
US dollars ($)
Percent share in total import Value of imports in Q3 2015,
US dollars ($)
Percent change
in Q3 2016
over Q3 2015
03 Fish and crustaceans, molluscs and other aquatic invertebrates 59,222,192 99.91 60,725,241-2.48
73 Articles of iron or steel 51,436 0.09 0

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Russian foreign trade statistics
Source: Federal Customs Service of Russia