Russian foreign trade
reports and reviews

Russian trade in goods with Faroe Islands in Q3 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 third quarter of 2017: exports, imports, products, dynamics.

Russia’s Trade with Faroe Islands

In the 3rd quarter of 2017, Russia’s trade with Faroe Islands was $56,991,677, down 6.42% ($3,910,361) from the 3rd quarter of 2016.

Russia’s exports to Faroe Islands in the 3rd quarter of 2017 totaled $3,956,272, up 142.95% ($2,327,862) from the 3rd quarter of 2016.

Russia’s imports from Faroe Islands in the 3rd quarter of 2017 were $53,035,405, down 10.52% ($6,238,223) from the 3rd quarter of 2016.

Russia’s trade deficit with Faroe Islands in the 3rd quarter of 2017 was $49,079,133, a 14.86% decrease ($8,566,085) over the 3rd quarter of 2016.

Faroe Islands was Russia’s 93rd largest trading partner in the 3rd quarter of 2017 (down from 79th in the 3rd quarter of 2016), accounting for 0.0390% of Russia’s total trade (down from 0.0500% in the 3rd quarter of 2016).

Faroe Islands was Russia’s 128th largest export market in the 3rd quarter of 2017 (down from 84th in the 3rd quarter of 2016), accounting for 0.0046% of Russia’s total exports (up from 0.0023% in the 3rd quarter of 2016).

Faroe Islands was Russia’s 65th largest supplier in the 3rd quarter of 2017 (down from 62nd in the 3rd quarter of 2016), accounting for 0.0872% of Russia’s total imports (down from 0.1186% in the 3rd quarter of 2016).

Russia’s Exports to Faroe Islands

The major share of Russian exports to Faroe Islands in the 3rd quarter of 2017 (and in the 3rd quarter of 2016) was accounted for the following product types:

  • Mineral products (HS codes 25-27) - 73.25% of Russia’s total exports to Faroe Islands (65.69% in the 3rd quarter of 2016);
  • Wood and wood products (HS codes 44-49) - 25.00% of Russia’s total exports to Faroe Islands (34.21% in the 3rd quarter of 2016);
  • Chemical products (HS codes 28-40) - 1.06% of Russia’s total exports to Faroe Islands (0.00% in the 3rd quarter of 2016).

The largest gains in Russia’s exports to Faroe Islands in the 3rd quarter of 2017 over the 3rd 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 $1,815,818;
  • Paper and paperboard; articles of paper pulp, of paper or of paperboard (HS code 48) - an increase of $469,743;
  • Fertilizers (HS code 31) - an increase of $25,613;
  • Plastics and articles thereof (HS code 39) - an increase of $16,398;
  • Salt; sulfur; earths and stone; plastering materials, lime and cement (HS code 25) - an increase of $12,592.

The largest declines in Russia’s exports to Faroe Islands in the 3rd quarter of 2017 over the 3rd quarter of 2016 were recorded for the following product groups:

  • Wood and articles of wood; wood charcoal (HS code 44) - a decrease of $37,570.
Russia’s exports to Faroe Islands in the 3rd quarter of 2017 by product groups
HS
code
Name of product group Value of exports
in Q3 2017,
US dollars ($)
Percent share in total export Value of exports
in Q3 2016,
US dollars ($)
Percent change
in Q3 2017
over Q3 2016
22 Beverages, spirits and vinegar 5,500 0.14 2042,596.08
25 Salt; sulfur; earths and stone; plastering materials, lime and cement 17,378 0.44 4,786263.10
27 Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes 2,880,668 72.81 1,064,850170.52
31 Fertilizers 25,613 0.65 0
39 Plastics and articles thereof 16,398 0.41 0
44 Wood and articles of wood; wood charcoal 101,221 2.56 138,791-27.07
48 Paper and paperboard; articles of paper pulp, of paper or of paperboard 887,980 22.44 418,237112.32
62 Articles of apparel and clothing accessories, not knitted or crocheted 2,675 0.07 0
68 Articles of stone, plaster, cement, asbestos, mica or similar materials 13,369 0.34 1,542766.99
73 Articles of iron or steel 5,470 0.14 0

Russia’s Imports from Faroe Islands

The major share of Russian imports from Faroe Islands in the 3rd quarter of 2017 (and in the 3rd quarter of 2016) was accounted for the following product types:

  • Food products and agricultural raw materials (HS codes 01-24) - 99.96% of Russia’s total imports from Faroe Islands (99.91% in the 3rd quarter of 2016).

The largest gains in Russia’s imports from Faroe Islands in the 3rd quarter of 2017 over the 3rd quarter of 2016 were recorded for the following product groups:

  • No product groups with a substantial increase.

The largest declines in Russia’s imports from Faroe Islands in the 3rd quarter of 2017 over the 3rd quarter of 2016 were recorded for the following product groups:

  • Fish and crustaceans, molluscs and other aquatic invertebrates (HS code 03) - a decrease of $6,208,540.
Russia’s imports from Faroe Islands in the 3rd quarter of 2017 by product groups
HS
code
Name of product group Value of imports in Q3 2017,
US dollars ($)
Percent share in total import Value of imports in Q3 2016,
US dollars ($)
Percent change
in Q3 2017
over Q3 2016
03 Fish and crustaceans, molluscs and other aquatic invertebrates 53,013,652 99.96 59,222,192-10.48
44 Wood and articles of wood; wood charcoal 20,795 0.04 0
73 Articles of iron or steel 37 0.00 51,436-99.93
84 Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof 921 0.00 0

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Russian foreign trade statistics
Source: Federal Customs Service of Russia