Russian foreign trade
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Russian trade with Faroe Islands in the 4th 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 fourth quarter of 2016: exports, imports, products, dynamics.

Russia’s Trade with Faroe Islands

In the 4th quarter of 2016, Russia’s trade with Faroe Islands was $109,412,411, down 4.48% ($5,128,779) from the 4th quarter of 2015.

Russia’s exports to Faroe Islands in the 4th quarter of 2016 were $1,784,180, down 83.75% ($9,195,980) from the 4th quarter of 2015.

Russia’s imports from Faroe Islands in the 4th quarter of 2016 totaled $107,628,231, up 3.93% ($4,067,201) from the 4th quarter of 2015.

Russia’s trade deficit with Faroe Islands in the 4th quarter of 2016 was $105,844,051, a 14.33% increase ($13,263,181) over the 4th quarter of 2015.

Faroe Islands was Russia’s 83rd largest trading partner in the 4th quarter of 2016 (down from 77th in the 4th quarter of 2015), accounting for 0.0803% of Russia’s total trade (down from 0.0876% in the 4th quarter of 2015).

Faroe Islands was Russia’s 143rd largest export market in the 4th quarter of 2016 (down from 119th in the 4th quarter of 2015), accounting for 0.0021% of Russia’s total exports (down from 0.0133% in the 4th quarter of 2015).

Faroe Islands was Russia’s 54th largest supplier in the 4th quarter of 2016 (down from 53rd in the 4th quarter of 2015), accounting for 0.2053% of Russia’s total imports (down from 0.2142% in the 4th quarter of 2015).

Russia’s Exports to Faroe Islands

The major share of Russian exports to Faroe Islands in the 4th quarter of 2016 (and in the 4th quarter of 2015) was accounted for the following product types:

  • Mineral products (HS codes 25-27) - 91.22% of Russia’s total exports to Faroe Islands (18.20% in the 4th quarter of 2015);
  • Wood and wood products (HS codes 44-49) - 7.46% of Russia’s total exports to Faroe Islands (1.85% in the 4th quarter of 2015);
  • Chemical products (HS codes 28-40) - 1.07% of Russia’s total exports to Faroe Islands (0.00% in the 4th quarter of 2015);
  • Machinery, equipment and vehicles (HS codes 84-90) - 0.06% of Russia’s total exports to Faroe Islands (66.61% in the 4th quarter of 2015);
  • Food products and agricultural raw materials (HS codes 01-24) - 0.00% of Russia’s total exports to Faroe Islands (13.34% in the 4th quarter of 2015).

The largest gains in Russia’s exports to Faroe Islands in the 4th quarter of 2016 over the 4th quarter of 2015 were recorded for the following product groups:

  • Wood and articles of wood; wood charcoal (HS code 44) - an increase of $40,221;
  • Plastics and articles thereof (HS code 39) - an increase of $11,533;
  • Fertilizers (HS code 31) - an increase of $7,234.

The largest declines in Russia’s exports to Faroe Islands in the 4th quarter of 2016 over the 4th quarter of 2015 were recorded for the following product groups:

  • Ships, boats and floating structures (HS code 89) - a decrease of $7,313,769;
  • Animal or vegetable fats and oils and their cleavage products prepared edible fats; animal or vegetable waxes (HS code 15) - a decrease of $1,464,464;
  • Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes (HS code 27) - a decrease of $371,158;
  • Paper and paperboard; articles of paper pulp, of paper or of paperboard (HS code 48) - a decrease of $110,338.
Russia’s exports to Faroe Islands in the 4th quarter of 2016 by product groups
HS
code
Name of product group Value of exports
in Q4 2016,
US dollars ($)
Percent share in total export Value of exports
in Q4 2015,
US dollars ($)
Percent change
in Q4 2016
over Q4 2015
15 Animal or vegetable fats and oils and their cleavage products prepared edible fats; animal or vegetable waxes 0 0.00 1,464,464-100.00
27 Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes 1,627,605 91.22 1,998,763-18.57
31 Fertilizers 7,234 0.41 0
35 Albuminoidal substances; modified starches; glues; enzymes 410 0.02 0
39 Plastics and articles thereof 11,533 0.65 0
44 Wood and articles of wood; wood charcoal 124,927 7.00 84,70647.48
48 Paper and paperboard; articles of paper pulp, of paper or of paperboard 8,120 0.46 118,458-93.15
68 Articles of stone, plaster, cement, asbestos, mica or similar materials 3,292 0.18 0
73 Articles of iron or steel 12 0.00 0
84 Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof 795 0.04 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 252 0.01 0
89 Ships, boats and floating structures 0 0.00 7,313,769-100.00

Russia’s Imports from Faroe Islands

The major share of Russian imports from Faroe Islands in the 4th quarter of 2016 (and in the 4th 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 (99.99% in the 4th quarter of 2015).

The largest gains in Russia’s imports from Faroe Islands in the 4th quarter of 2016 over the 4th quarter of 2015 were recorded for the following product groups:

  • Fish and crustaceans, molluscs and other aquatic invertebrates (HS code 03) - an increase of $4,078,419.

The largest declines in Russia’s imports from Faroe Islands in the 4th quarter of 2016 over the 4th quarter of 2015 were recorded for the following product groups:

  • No product groups with a substantial decrease.
Russia’s imports from Faroe Islands in the 4th quarter of 2016 by product groups
HS
code
Name of product group Value of imports in Q4 2016,
US dollars ($)
Percent share in total import Value of imports in Q4 2015,
US dollars ($)
Percent change
in Q4 2016
over Q4 2015
03 Fish and crustaceans, molluscs and other aquatic invertebrates 107,624,070 100.00 103,545,6513.94
44 Wood and articles of wood; wood charcoal 4,161 0.00 15,379-72.94
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Russian foreign trade statistics
Source: Federal Customs Service of Russia