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Russian trade in goods with Faroe Islands in Q4 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 fourth quarter of 2020: exports, imports, products, dynamics.

Russia’s Trade with Faroe Islands

In the 4th quarter of 2020, Russia’s trade with Faroe Islands was $100,990,019, down 30.31% ($43,928,814) from the 4th quarter of 2019.

Russia’s exports to Faroe Islands in the 4th quarter of 2020 were $3,583,995, down 17.47% ($758,777) from the 4th quarter of 2019.

Russia’s imports from Faroe Islands in the 4th quarter of 2020 were $97,406,024, down 30.71% ($43,170,037) from the 4th quarter of 2019.

Russia’s trade deficit with Faroe Islands in the 4th quarter of 2020 was $93,822,029, a 31.13% decrease ($42,411,260) over the 4th quarter of 2019.

Faroe Islands was Russia’s 89th largest trading partner in the 4th quarter of 2020 (down from 77th in the 4th quarter of 2019), accounting for 0.0623% of Russia’s total trade (down from 0.0806% in the 4th quarter of 2019).

Faroe Islands was Russia’s 137th largest export market in the 4th quarter of 2020 (down from 127th in the 4th quarter of 2019), accounting for 0.0038% of Russia’s total exports (down from 0.0039% in the 4th quarter of 2019).

Faroe Islands was Russia’s 61st largest supplier in the 4th quarter of 2020 (down from 55th in the 4th quarter of 2019), accounting for 0.1440% of Russia’s total imports (down from 0.2066% in the 4th quarter of 2019).

Russia’s Exports to Faroe Islands

The major share of Russian exports to Faroe Islands in the 4th quarter of 2020 (and in the 4th quarter of 2019) was accounted for the following product types:

  • Food products and agricultural raw materials (HS codes 01-24) - 70.20% of Russia’s total exports to Faroe Islands (55.11% in the 4th quarter of 2019);
  • Mineral products (HS codes 25-27) - 26.87% of Russia’s total exports to Faroe Islands (42.77% in the 4th quarter of 2019);
  • Chemical products (HS codes 28-40) - 2.89% of Russia’s total exports to Faroe Islands (0.28% in the 4th quarter of 2019);
  • Textiles, textile products and footwear (HS codes 50-67) - 0.00% of Russia’s total exports to Faroe Islands (1.70% in the 4th quarter of 2019).

The largest gains in Russia’s exports to Faroe Islands in the 4th quarter of 2020 over the 4th 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 $135,095;
  • Miscellaneous chemical products (HS code 38) - an increase of $46,368;
  • Rubber and articles thereof (HS code 40) - an increase of $20,897;
  • Plastics and articles thereof (HS code 39) - an increase of $18,607;
  • Tanning or dyeing extracts; dyes, pigments, paints, varnishes, putty and mastics (HS code 32) - an increase of $15,104.

The largest declines in Russia’s exports to Faroe Islands in the 4th quarter of 2020 over the 4th quarter of 2019 were recorded for the following product groups:

  • Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes (HS code 27) - a decrease of $894,468;
  • Wadding, felt and nonwovens; special yarns, twine, cordage, ropes and cables and articles thereof (HS code 56) - a decrease of $71,868;
  • Residues and waste from the food industries; prepared animal feed (HS code 23) - a decrease of $12,558;
  • Fertilizers (HS code 31) - a decrease of $12,106.
Russia’s exports to Faroe Islands in the 4th quarter of 2020 by product groups
HS
code
Name of product group Value of exports
in Q4 2020,
US dollars ($)
Percent share in total export Value of exports
in Q4 2019,
US dollars ($)
Percent change
in Q4 2020
over Q4 2019
15 Animal or vegetable fats and oils and their cleavage products prepared edible fats; animal or vegetable waxes 2,515,962 70.20 2,380,8675.67
23 Residues and waste from the food industries; prepared animal feed 0 0.00 12,558-100.00
27 Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes 962,972 26.87 1,857,440-48.16
29 Organic chemicals 2,211 0.06 0
31 Fertilizers 0 0.00 12,106-100.00
32 Tanning or dyeing extracts; dyes, pigments, paints, varnishes, putty and mastics 15,104 0.42 0
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 333 0.01 0
38 Miscellaneous chemical products 46,368 1.29 0
39 Plastics and articles thereof 18,607 0.52 0
40 Rubber and articles thereof 20,897 0.58 0
44 Wood and articles of wood; wood charcoal 0 0.00 5,994-100.00
48 Paper and paperboard; articles of paper pulp, of paper or of paperboard 1,541 0.04 0
56 Wadding, felt and nonwovens; special yarns, twine, cordage, ropes and cables and articles thereof 0 0.00 71,868-100.00
62 Articles of apparel and clothing accessories, not knitted or crocheted 0 0.00 1,939-100.00

Russia’s Imports from Faroe Islands

The major share of Russian imports from Faroe Islands in the 4th quarter of 2020 (and in the 4th quarter of 2019) 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 2019).

The largest gains in Russia’s imports from Faroe Islands in the 4th quarter of 2020 over the 4th quarter of 2019 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 4th quarter of 2020 over the 4th quarter of 2019 were recorded for the following product groups:

  • Fish and crustaceans, molluscs and other aquatic invertebrates (HS code 03) - a decrease of $43,161,397.
Russia’s imports from Faroe Islands in the 4th quarter of 2020 by product groups
HS
code
Name of product group Value of imports in Q4 2020,
US dollars ($)
Percent share in total import Value of imports in Q4 2019,
US dollars ($)
Percent change
in Q4 2020
over Q4 2019
03 Fish and crustaceans, molluscs and other aquatic invertebrates 97,406,024 100.00 140,567,421-30.71
12 Oil seeds and oleaginous fruits; miscellaneous grains, seeds and fruits; industrial or medicinal plants; straw and fodder 0 0.00 3-100.00
44 Wood and articles of wood; wood charcoal 0 0.00 8,580-100.00
73 Articles of iron or steel 0 0.00 57-100.00
Russian foreign trade statistics
Source: Federal Customs Service of Russia