Russian foreign trade
reports and reviews

Russian trade in goods with Faroe Islands in Q3 2020

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 2020: exports, imports, products, dynamics.

Russia’s Trade with Faroe Islands

In the 3rd quarter of 2020, Russia’s trade with Faroe Islands totaled $75,246,558, up 23.92% ($14,523,535) from the 3rd quarter of 2019.

Russia’s exports to Faroe Islands in the 3rd quarter of 2020 totaled $7,570,899, up 102.30% ($3,828,569) from the 3rd quarter of 2019.

Russia’s imports from Faroe Islands in the 3rd quarter of 2020 totaled $67,675,659, up 18.77% ($10,694,966) from the 3rd quarter of 2019.

Russia’s trade deficit with Faroe Islands in the 3rd quarter of 2020 was $60,104,760, a 12.90% increase ($6,866,397) over the 3rd quarter of 2019.

Faroe Islands was Russia’s 89th largest trading partner in the 3rd quarter of 2020 (up from 100th in the 3rd quarter of 2019), accounting for 0.0551% of Russia’s total trade (up from 0.0366% in the 3rd quarter of 2019).

Faroe Islands was Russia’s 129th largest export market in the 3rd quarter of 2020 (up from 141st in the 3rd quarter of 2019), accounting for 0.0096% of Russia’s total exports (up from 0.0036% in the 3rd quarter of 2019).

Faroe Islands was Russia’s 63rd largest supplier in the 3rd quarter of 2020 (up from 72nd in the 3rd quarter of 2019), accounting for 0.1168% of Russia’s total imports (up from 0.0911% in the 3rd quarter of 2019).

Russia’s Exports to Faroe Islands

The major share of Russian exports to Faroe Islands in the 3rd quarter of 2020 (and in the 3rd quarter of 2019) was accounted for the following product types:

  • Food products and agricultural raw materials (HS codes 01-24) - 66.55% of Russia’s total exports to Faroe Islands (62.67% in the 3rd quarter of 2019);
  • Wood and wood products (HS codes 44-49) - 21.13% of Russia’s total exports to Faroe Islands (13.50% in the 3rd quarter of 2019);
  • Mineral products (HS codes 25-27) - 10.30% of Russia’s total exports to Faroe Islands (20.47% in the 3rd quarter of 2019);
  • Chemical products (HS codes 28-40) - 1.78% of Russia’s total exports to Faroe Islands (0.54% in the 3rd quarter of 2019);
  • Machinery, equipment and vehicles (HS codes 84-90) - 0.06% of Russia’s total exports to Faroe Islands (1.88% in the 3rd quarter of 2019).

The largest gains in Russia’s exports to Faroe Islands in the 3rd quarter of 2020 over the 3rd quarter of 2019 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) - an increase of $2,670,103;
  • Paper and paperboard; articles of paper pulp, of paper or of paperboard (HS code 48) - an increase of $1,106,628;
  • Plastics and articles thereof (HS code 39) - an increase of $77,802;
  • Fertilizers (HS code 31) - an increase of $23,921.

The largest declines in Russia’s exports to Faroe Islands in the 3rd quarter of 2020 over the 3rd quarter of 2019 were recorded for the following product groups:

  • Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof (HS code 84) - a decrease of $65,096;
  • Wadding, felt and nonwovens; special yarns, twine, cordage, ropes and cables and articles thereof (HS code 56) - a decrease of $34,597.
Russia’s exports to Faroe Islands in the 3rd quarter of 2020 by product groups
HS
code
Name of product group Value of exports
in Q3 2020,
US dollars ($)
Percent share in total export Value of exports
in Q3 2019,
US dollars ($)
Percent change
in Q3 2020
over Q3 2019
02 Meat and edible meat offal 7,002 0.09 0
15 Animal or vegetable fats and oils and their cleavage products prepared edible fats; animal or vegetable waxes 5,015,604 66.25 2,345,501113.84
23 Residues and waste from the food industries; prepared animal feed 15,780 0.21 0
27 Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes 780,121 10.30 766,0161.84
29 Organic chemicals 3,482 0.05 1,094218.28
31 Fertilizers 23,921 0.32 0
38 Miscellaneous chemical products 10,964 0.14 0
39 Plastics and articles thereof 96,124 1.27 18,322424.64
40 Rubber and articles thereof 0 0.00 764-100.00
44 Wood and articles of wood; wood charcoal 0 0.00 12,215-100.00
48 Paper and paperboard; articles of paper pulp, of paper or of paperboard 1,599,760 21.13 493,132224.41
54 Man-made filaments 0 0.00 171-100.00
56 Wadding, felt and nonwovens; special yarns, twine, cordage, ropes and cables and articles thereof 0 0.00 34,597-100.00
62 Articles of apparel and clothing accessories, not knitted or crocheted 0 0.00 329-100.00
63 Other made up textile articles; sets; worn clothing and worn textile articles; rags 9,194 0.12 0
73 Articles of iron or steel 4,334 0.06 1528,793.33
84 Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof 0 0.00 65,096-100.00
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 224 0.00 0
90 Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus; parts and accessories thereof 4,389 0.06 5,078-13.57

Russia’s Imports from Faroe Islands

The major share of Russian imports from Faroe Islands in the 3rd quarter of 2020 (and in the 3rd quarter of 2019) was accounted for the following product types:

  • Food products and agricultural raw materials (HS codes 01-24) - 99.79% of Russia’s total imports from Faroe Islands (99.81% in the 3rd quarter of 2019).

The largest gains in Russia’s imports from Faroe Islands in the 3rd quarter of 2020 over the 3rd quarter of 2019 were recorded for the following product groups:

  • Fish and crustaceans, molluscs and other aquatic invertebrates (HS code 03) - an increase of $10,663,277.

The largest declines in Russia’s imports from Faroe Islands in the 3rd quarter of 2020 over the 3rd quarter of 2019 were recorded for the following product groups:

  • No product groups with a substantial decrease.
Russia’s imports from Faroe Islands in the 3rd quarter of 2020 by product groups
HS
code
Name of product group Value of imports in Q3 2020,
US dollars ($)
Percent share in total import Value of imports in Q3 2019,
US dollars ($)
Percent change
in Q3 2020
over Q3 2019
03 Fish and crustaceans, molluscs and other aquatic invertebrates 67,536,824 99.79 56,873,54718.75
44 Wood and articles of wood; wood charcoal 11,427 0.02 20,900-45.33
84 Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof 0 0.00 81-100.00
94 Furniture; bedding, mattresses, mattress supports, cushions and similar stuffed furnishings; lamps and lighting fittings, not elsewhere specified or included; illuminated sign illuminated nameplates and the like; prefabricated buildings 127,408 0.19 86,16547.87
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Russian foreign trade statistics
Source: Federal Customs Service of Russia