Russian foreign trade
reports and reviews

Russian trade with Faroe Islands in 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 2016: exports, imports, products, dynamics.

Russia’s Trade with Faroe Islands

In 2016, Russia’s trade with Faroe Islands totaled $324,137,865, up 10.31% ($30,289,208) from 2015.

Russia’s exports to Faroe Islands in 2016 totaled $44,027,284, up 163.73% ($27,333,137) from 2015.

Russia’s imports from Faroe Islands in 2016 totaled $280,110,581, up 1.07% ($2,956,071) from 2015.

Russia’s trade deficit with Faroe Islands in 2016 was $236,083,297, a 9.36% decrease ($24,377,066) over 2015.

Faroe Islands was Russia’s 84th largest trading partner in 2016 (up from 89th in 2015), accounting for 0.0693% of Russia’s total trade (up from 0.0558% in 2015).

Faroe Islands was Russia’s 114th largest export market in 2016 (up from 138th in 2015), accounting for 0.0154% of Russia’s total exports (up from 0.0049% in 2015).

Faroe Islands was Russia’s 62nd largest supplier in 2016 (down from 59th in 2015), accounting for 0.1537% of Russia’s total imports (up from 0.1517% in 2015).

Russia’s Exports to Faroe Islands

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

  • Machinery, equipment and vehicles (HS codes 84-90) - 88.46% of Russia’s total exports to Faroe Islands (43.84% in 2015);
  • Mineral products (HS codes 25-27) - 8.39% of Russia’s total exports to Faroe Islands (25.00% in 2015);
  • Wood and wood products (HS codes 44-49) - 2.73% of Russia’s total exports to Faroe Islands (13.13% in 2015);
  • Food products and agricultural raw materials (HS codes 01-24) - 0.00% of Russia’s total exports to Faroe Islands (17.62% in 2015).

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

  • Ships, boats and floating structures (HS code 89) - an increase of $31,633,339;
  • 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 2016 over 2015 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 $2,941,784;
  • Paper and paperboard; articles of paper pulp, of paper or of paperboard (HS code 48) - a decrease of $1,092,178;
  • Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes (HS code 27) - a decrease of $482,258.
Russia’s exports to Faroe Islands in 2016 by product groups
HS
code
Name of product group Value of exports
in 2016,
US dollars ($)
Percent share in total export Value of exports
in 2015,
US dollars ($)
Percent change
in 2016
over 2015
15 Animal or vegetable fats and oils and their cleavage products prepared edible fats; animal or vegetable waxes 0 0.00 2,941,784-100.00
22 Beverages, spirits and vinegar 204 0.00 214-4.67
25 Salt; sulfur; earths and stone; plastering materials, lime and cement 4,786 0.01 0
27 Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes 3,691,029 8.38 4,173,287-11.56
29 Organic chemicals 0 0.00 484-100.00
31 Fertilizers 7,234 0.02 0
32 Tanning or dyeing extracts; dyes, pigments, paints, varnishes, putty and mastics 0 0.00 483-100.00
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 0 0.00 3,294-100.00
35 Albuminoidal substances; modified starches; glues; enzymes 410 0.00 0
39 Plastics and articles thereof 11,534 0.03 45,636-74.73
44 Wood and articles of wood; wood charcoal 408,735 0.93 304,59634.19
48 Paper and paperboard; articles of paper pulp, of paper or of paperboard 795,043 1.81 1,887,221-57.87
56 Wadding, felt and nonwovens; special yarns, twine, cordage, ropes and cables and articles thereof 155,308 0.35 0
62 Articles of apparel and clothing accessories, not knitted or crocheted 0 0.00 5,164-100.00
63 Other made up textile articles; sets; worn clothing and worn textile articles; rags 0 0.00 1,863-100.00
68 Articles of stone, plaster, cement, asbestos, mica or similar materials 4,834 0.01 0
73 Articles of iron or steel 12 0.00 11,552-99.90
84 Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof 795 0.00 4,800-83.44
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 252 0.00 0
89 Ships, boats and floating structures 38,947,108 88.46 7,313,769432.52

Russia’s Imports from Faroe Islands

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

  • Food products and agricultural raw materials (HS codes 01-24) - 99.98% of Russia’s total imports from Faroe Islands (99.99% in 2015).

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

  • Fish and crustaceans, molluscs and other aquatic invertebrates (HS code 03) - an increase of $2,915,288.

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

  • No product groups with a substantial decrease.
Russia’s imports from Faroe Islands in 2016 by product groups
HS
code
Name of product group Value of imports in 2016,
US dollars ($)
Percent share in total import Value of imports in 2015,
US dollars ($)
Percent change
in 2016
over 2015
03 Fish and crustaceans, molluscs and other aquatic invertebrates 280,053,762 99.98 277,138,4741.05
40 Rubber and articles thereof 0 0.00 623-100.00
44 Wood and articles of wood; wood charcoal 4,161 0.00 15,379-72.94
73 Articles of iron or steel 51,612 0.02 34151,700.00
82 Tools, implements, cutlery, spoons and forks, of base metal; parts thereof of base metal 877 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 157 0.00 0
87 Vehicles other than railway or tramway rolling stock, and parts and accessories thereof 12 0.00 0

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Russian foreign trade statistics
Source: Federal Customs Service of Russia