Russian foreign trade
reports and reviews

Russian trade in goods with Faroe Islands in Q1 2021

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 2021: exports, imports, products, dynamics.

Russia’s Trade with Faroe Islands

In the 1st quarter of 2021, Russia’s trade with Faroe Islands totaled $83,155,531, up 3.59% ($2,884,645) from the 1st quarter of 2020.

Russia’s exports to Faroe Islands in the 1st quarter of 2021 totaled $5,133,024, up 224.51% ($3,551,224) from the 1st quarter of 2020.

Russia’s imports from Faroe Islands in the 1st quarter of 2021 were $78,022,507, down 0.85% ($666,579) from the 1st quarter of 2020.

Russia’s trade deficit with Faroe Islands in the 1st quarter of 2021 was $72,889,483, a 5.47% decrease ($4,217,803) over the 1st quarter of 2020.

Faroe Islands was Russia’s 92nd largest trading partner in the 1st quarter of 2021 (down from 85th in the 1st quarter of 2020), accounting for 0.0538% of Russia’s total trade (down from 0.0565% in the 1st quarter of 2020).

Faroe Islands was Russia’s 132nd largest export market in the 1st quarter of 2021 (up from 142nd in the 1st quarter of 2020), accounting for 0.0056% of Russia’s total exports (up from 0.0018% in the 1st quarter of 2020).

Faroe Islands was Russia’s 64th largest supplier in the 1st quarter of 2021 (just as in the 1st quarter of 2020), accounting for 0.1252% of Russia’s total imports (down from 0.1480% in the 1st quarter of 2020).

Russia’s Exports to Faroe Islands

The major share of Russian exports to Faroe Islands in the 1st quarter of 2021 (and in the 1st quarter of 2020) was accounted for the following product types:

  • Food products and agricultural raw materials (HS codes 01-24) - 61.87% of Russia’s total exports to Faroe Islands (0.00% in the 1st quarter of 2020);
  • Wood and wood products (HS codes 44-49) - 24.59% of Russia’s total exports to Faroe Islands (46.98% in the 1st quarter of 2020);
  • Mineral products (HS codes 25-27) - 7.71% of Russia’s total exports to Faroe Islands (51.37% in the 1st quarter of 2020);
  • Textiles, textile products and footwear (HS codes 50-67) - 4.17% of Russia’s total exports to Faroe Islands (0.00% in the 1st quarter of 2020);
  • Chemical products (HS codes 28-40) - 1.63% of Russia’s total exports to Faroe Islands (0.36% in the 1st quarter of 2020);
  • Machinery, equipment and vehicles (HS codes 84-90) - 0.00% of Russia’s total exports to Faroe Islands (1.30% in the 1st quarter of 2020).

The largest gains in Russia’s exports to Faroe Islands in the 1st quarter of 2021 over the 1st quarter of 2020 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 $3,175,693;
  • Paper and paperboard; articles of paper pulp, of paper or of paperboard (HS code 48) - an increase of $518,894;
  • Wadding, felt and nonwovens; special yarns, twine, cordage, ropes and cables and articles thereof (HS code 56) - an increase of $202,595;
  • Plastics and articles thereof (HS code 39) - an increase of $75,198.

The largest declines in Russia’s exports to Faroe Islands in the 1st quarter of 2021 over the 1st quarter of 2020 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 $416,611;
  • Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus; parts and accessories thereof (HS code 90) - a decrease of $19,918.
Russia’s exports to Faroe Islands in the 1st quarter of 2021 by product groups
HS
code
Name of product group Value of exports
in Q1 2021,
US dollars ($)
Percent share in total export Value of exports
in Q1 2020,
US dollars ($)
Percent change
in Q1 2021
over Q1 2020
15 Animal or vegetable fats and oils and their cleavage products prepared edible fats; animal or vegetable waxes 3,175,693 61.87 0
27 Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes 395,927 7.71 812,538-51.27
32 Tanning or dyeing extracts; dyes, pigments, paints, varnishes, putty and mastics 2,877 0.06 0
38 Miscellaneous chemical products 302 0.01 0
39 Plastics and articles thereof 80,301 1.56 5,1031,473.60
40 Rubber and articles thereof 0 0.00 562-100.00
48 Paper and paperboard; articles of paper pulp, of paper or of paperboard 1,262,000 24.59 743,10669.83
56 Wadding, felt and nonwovens; special yarns, twine, cordage, ropes and cables and articles thereof 202,595 3.95 0
63 Other made up textile articles; sets; worn clothing and worn textile articles; rags 11,388 0.22 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 0 0.00 573-100.00
90 Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus; parts and accessories thereof 0 0.00 19,918-100.00
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 1,941 0.04 0

Russia’s Imports from Faroe Islands

The major share of Russian imports from Faroe Islands in the 1st quarter of 2021 (and in the 1st quarter of 2020) 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 1st quarter of 2020).

The largest gains in Russia’s imports from Faroe Islands in the 1st quarter of 2021 over the 1st quarter of 2020 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 1st quarter of 2021 over the 1st quarter of 2020 were recorded for the following product groups:

  • Fish and crustaceans, molluscs and other aquatic invertebrates (HS code 03) - a decrease of $661,547.
Russia’s imports from Faroe Islands in the 1st quarter of 2021 by product groups
HS
code
Name of product group Value of imports in Q1 2021,
US dollars ($)
Percent share in total import Value of imports in Q1 2020,
US dollars ($)
Percent change
in Q1 2021
over Q1 2020
03 Fish and crustaceans, molluscs and other aquatic invertebrates 78,022,507 100.00 78,684,054-0.84
44 Wood and articles of wood; wood charcoal 0 0.00 4,781-100.00
84 Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof 0 0.00 251-100.00
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Russian foreign trade statistics
Source: Federal Customs Service of Russia