Russian foreign trade
reports and reviews

Russian trade in goods with Faroe Islands in Q1 2017

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 2017: exports, imports, products, dynamics.

Russia’s Trade with Faroe Islands

In the 1st quarter of 2017, Russia’s trade with Faroe Islands totaled $106,356,171, up 84.58% ($48,735,837) from the 1st quarter of 2016.

Russia’s exports to Faroe Islands in the 1st quarter of 2017 totaled $1,583,562, up 85.04% ($727,782) from the 1st quarter of 2016.

Russia’s imports from Faroe Islands in the 1st quarter of 2017 totaled $104,772,609, up 84.57% ($48,008,055) from the 1st quarter of 2016.

Russia’s trade deficit with Faroe Islands in the 1st quarter of 2017 was $103,189,047, a 84.57% increase ($47,280,273) over the 1st quarter of 2016.

Faroe Islands was Russia’s 77th largest trading partner in the 1st quarter of 2017 (up from 89th in the 1st quarter of 2016), accounting for 0.0827% of Russia’s total trade (up from 0.0594% in the 1st quarter of 2016).

Faroe Islands was Russia’s 134th largest export market in the 1st quarter of 2017 (up from 149th in the 1st quarter of 2016), accounting for 0.0019% of Russia’s total exports (up from 0.0014% in the 1st quarter of 2016).

Faroe Islands was Russia’s 52nd largest supplier in the 1st quarter of 2017 (up from 58th in the 1st quarter of 2016), accounting for 0.2317% of Russia’s total imports (up from 0.1586% in the 1st quarter of 2016).

Russia’s Exports to Faroe Islands

The major share of Russian exports to Faroe Islands in the 1st quarter of 2017 (and in the 1st quarter of 2016) was accounted for the following product types:

  • Mineral products (HS codes 25-27) - 51.81% of Russia’s total exports to Faroe Islands (34.58% in the 1st quarter of 2016);
  • Wood and wood products (HS codes 44-49) - 27.16% of Russia’s total exports to Faroe Islands (47.27% in the 1st quarter of 2016);
  • Textiles, textile products and footwear (HS codes 50-67) - 19.76% of Russia’s total exports to Faroe Islands (18.15% in the 1st quarter of 2016).

The largest gains in Russia’s exports to Faroe Islands in the 1st quarter of 2017 over the 1st quarter of 2016 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 $509,187;
  • Wadding, felt and nonwovens; special yarns, twine, cordage, ropes and cables and articles thereof (HS code 56) - an increase of $155,109;
  • Wood and articles of wood; wood charcoal (HS code 44) - an increase of $27,899;
  • Salt; sulfur; earths and stone; plastering materials, lime and cement (HS code 25) - an increase of $15,333;
  • Articles of iron or steel (HS code 73) - an increase of $11,417;
  • Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus; parts and accessories thereof (HS code 90) - an increase of $5,466.

The largest declines in Russia’s exports to Faroe Islands in the 1st quarter of 2017 over the 1st quarter of 2016 were recorded for the following product groups:

  • No product groups with a substantial decrease.
Russia’s exports to Faroe Islands in the 1st quarter of 2017 by product groups
HS
code
Name of product group Value of exports
in Q1 2017,
US dollars ($)
Percent share in total export Value of exports
in Q1 2016,
US dollars ($)
Percent change
in Q1 2017
over Q1 2016
25 Salt; sulfur; earths and stone; plastering materials, lime and cement 15,333 0.97 0
27 Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes 805,117 50.84 295,930172.06
39 Plastics and articles thereof 3,259 0.21 0
44 Wood and articles of wood; wood charcoal 105,130 6.64 77,23136.12
48 Paper and paperboard; articles of paper pulp, of paper or of paperboard 324,948 20.52 327,311-0.72
56 Wadding, felt and nonwovens; special yarns, twine, cordage, ropes and cables and articles thereof 310,417 19.60 155,30899.87
62 Articles of apparel and clothing accessories, not knitted or crocheted 2,475 0.16 0
73 Articles of iron or steel 11,417 0.72 0
90 Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus; parts and accessories thereof 5,466 0.35 0

Russia’s Imports from Faroe Islands

The major share of Russian imports from Faroe Islands in the 1st quarter of 2017 (and in the 1st quarter of 2016) 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 2016).

The largest gains in Russia’s imports from Faroe Islands in the 1st quarter of 2017 over the 1st quarter of 2016 were recorded for the following product groups:

  • Fish and crustaceans, molluscs and other aquatic invertebrates (HS code 03) - an increase of $48,008,186.

The largest declines in Russia’s imports from Faroe Islands in the 1st quarter of 2017 over the 1st quarter of 2016 were recorded for the following product groups:

  • No product groups with a substantial decrease.
Russia’s imports from Faroe Islands in the 1st quarter of 2017 by product groups
HS
code
Name of product group Value of imports in Q1 2017,
US dollars ($)
Percent share in total import Value of imports in Q1 2016,
US dollars ($)
Percent change
in Q1 2017
over Q1 2016
03 Fish and crustaceans, molluscs and other aquatic invertebrates 104,772,552 100.00 56,764,36684.57
43 Furskins and artificial fur; manufactures thereof 57 0.00 0
73 Articles of iron or steel 0 0.00 176-100.00
87 Vehicles other than railway or tramway rolling stock, and parts and accessories thereof 0 0.00 12-100.00

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Russian foreign trade statistics
Source: Federal Customs Service of Russia