US trade (export - import) with Faroe Islands in 2014

Published or Updated: Feb 08, 2017

The report on US foreign trade in goods with Faroe Islands in 2014: exports, imports, balance, product types and groups, dynamics.

US Trade with Faroe Islands

In 2014, US trade with Faroe Islands totaled $193.5 million, up 13.18% ($22.5 million) from 2013.

US exports to Faroe Islands in 2014 were $2.4 million, down 3.77% ($0.1 million) from 2013.

US imports from Faroe Islands in 2014 totaled $191.2 million, up 13.43% ($22.6 million) from 2013.

US trade deficit with Faroe Islands in 2014 was $188.8 million, a 13.68% increase ($22.7 million) over 2013.

Faroe Islands was the US 147th largest trading partner in 2014 (up from 151st in 2013), accounting for 0.0048% of US total trade (up from 0.0044% in 2013).

Faroe Islands was the US 208th largest export market in 2014 (down from 205th in 2013), accounting for 0.0001% of US total exports (down from 0.0002% in 2013).

Faroe Islands was the US 113th largest supplier in 2014 (up from 114th in 2013), accounting for 0.0079% of US total imports (up from 0.0072% in 2013).

US Exports to Faroe Islands

The major share of US exports to Faroe Islands in 2014 (and in 2013) was accounted for the following product types:

  • Chemical products (HS codes 28-40) - 47.77% of US total exports to Faroe Islands (33.77% in 2013);
  • Machinery, equipment and vehicles (HS codes 84-90) - 40.05% of US total exports to Faroe Islands (29.37% in 2013);
  • Wood and wood products (HS codes 44-49) - 4.44% of US total exports to Faroe Islands (12.15% in 2013);
  • Food products and agricultural raw materials (HS codes 01-24) - 1.51% of US total exports to Faroe Islands (3.71% in 2013);
  • Metals and products from them (HS codes 72-83) - 1.49% of US total exports to Faroe Islands (5.36% in 2013);
  • Textiles, textile products and footwear (HS codes 50-67) - 0.00% of US total exports to Faroe Islands (2.86% in 2013).

The largest gains in US exports to Faroe Islands in 2014 over 2013 were recorded for the following product groups:

  • Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof (HS code 84) - an increase of $176.1 thousand;
  • Tanning or dyeing extracts; dyes, pigments, paints, varnishes, putty and mastics (HS code 32) - an increase of $173.4 thousand;
  • Organic chemicals (HS code 29) - an increase of $168.5 thousand;
  • Aircraft, spacecraft, and parts thereof (HS code 88) - an increase of $69.9 thousand;
  • Printed books, newspapers, pictures and other products of the printing industry; manuscripts, typescripts and plans (HS code 49) - an increase of $47.5 thousand;
  • 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 (HS code 85) - an increase of $28.9 thousand;
  • Commodities not specified according to kind (HS code 99) - an increase of $23.8 thousand;
  • Paper and paperboard; articles of paper pulp, of paper or of paperboard (HS code 48) - an increase of $15.6 thousand;
  • Ceramic products (HS code 69) - an increase of $13.7 thousand;
  • Tools, implements, cutlery, spoons and forks, of base metal; parts thereof of base metal (HS code 82) - an increase of $11.5 thousand.

The largest declines in US exports to Faroe Islands in 2014 over 2013 were recorded for the following product groups:

  • Wood and articles of wood; wood charcoal (HS code 44) - a decrease of $256.5 thousand;
  • Works of art, collectors’ pieces and antiques (HS code 97) - a decrease of $146.6 thousand;
  • Zinc and articles thereof (HS code 79) - a decrease of $72.4 thousand;
  • Wadding, felt and nonwovens; special yarns, twine, cordage, ropes and cables and articles thereof (HS code 56) - a decrease of $66.4 thousand;
  • Fish and crustaceans, molluscs and other aquatic invertebrates (HS code 03) - a decrease of $58.0 thousand;
  • Toys, games and sports requisites; parts and accessories thereof (HS code 95) - a decrease of $56.5 thousand;
  • 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 (HS code 94) - a decrease of $35.9 thousand;
  • Articles of iron or steel (HS code 73) - a decrease of $35.4 thousand;
  • Vehicles other than railway or tramway rolling stock, and parts and accessories thereof (HS code 87) - a decrease of $32.2 thousand;
  • Rubber and articles thereof (HS code 40) - a decrease of $17.5 thousand;
  • Plastics and articles thereof (HS code 39) - a decrease of $17.1 thousand;
  • Ships, boats and floating structures (HS code 89) - a decrease of $16.5 thousand;
  • Albuminoidal substances; modified starches; glues; enzymes (HS code 35) - a decrease of $8.1 thousand.
US exports to Faroe Islands in 2014 by product groups
HS
code
Name of product group Value
of exports
in 2014
(USD thousand)
Share
in total export
(%)
Value
of exports
in 2013
(USD thousand)
Change
in 2014
over 2013
(%)
03 Fish and crustaceans, molluscs and other aquatic invertebrates 33.0 1.40 91.0-63.76
05 Products of animal origin, not elsewhere specified or included 2.7 0.12 0.0
29 Organic chemicals 168.5 7.14 0.0
32 Tanning or dyeing extracts; dyes, pigments, paints, varnishes, putty and mastics 959.3 40.63 785.922.07
35 Albuminoidal substances; modified starches; glues; enzymes 0.0 0.00 8.1-100.00
39 Plastics and articles thereof 0.0 0.00 17.1-100.00
40 Rubber and articles thereof 0.0 0.00 17.5-100.00
44 Wood and articles of wood; wood charcoal 0.0 0.00 256.5-100.00
48 Paper and paperboard; articles of paper pulp, of paper or of paperboard 53.3 2.26 37.741.25
49 Printed books, newspapers, pictures and other products of the printing industry; manuscripts, typescripts and plans 51.4 2.18 4.01,196.65
56 Wadding, felt and nonwovens; special yarns, twine, cordage, ropes and cables and articles thereof 0.0 0.00 66.4-100.00
63 Other made up textile articles; sets; worn clothing and worn textile articles; rags 0.0 0.00 3.8-100.00
69 Ceramic products 13.7 0.58 0.0
73 Articles of iron or steel 13.0 0.55 48.4-73.16
79 Zinc and articles thereof 0.0 0.00 72.4-100.00
82 Tools, implements, cutlery, spoons and forks, of base metal; parts thereof of base metal 22.2 0.94 10.6108.71
84 Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof 319.9 13.55 143.8122.49
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 156.6 6.63 127.722.60
87 Vehicles other than railway or tramway rolling stock, and parts and accessories thereof 45.7 1.93 77.8-41.36
88 Aircraft, spacecraft, and parts thereof 187.8 7.96 117.959.33
89 Ships, boats and floating structures 5.8 0.25 22.3-73.99
90 Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus; parts and accessories thereof 229.7 9.73 231.0-0.56
92 Musical instruments; parts and accessories of such articles 7.9 0.33 8.0-1.24
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 0.0 0.00 35.9-100.00
95 Toys, games and sports requisites; parts and accessories thereof 10.6 0.45 67.1-84.15
97 Works of art, collectors’ pieces and antiques 0.0 0.00 146.6-100.00
99 Commodities not specified according to kind 79.8 3.38 56.042.55

US Imports from Faroe Islands

The major share of US imports from Faroe Islands in 2014 (and in 2013) was accounted for the following product types:

  • Food products and agricultural raw materials (HS codes 01-24) - 99.59% of US total imports from Faroe Islands (99.61% in 2013).

The largest gains in US imports from Faroe Islands in 2014 over 2013 were recorded for the following product groups:

  • Fish and crustaceans, molluscs and other aquatic invertebrates (HS code 03) - an increase of $22,423.8 thousand.

The largest declines in US imports from Faroe Islands in 2014 over the 2013 were recorded for the following product groups:

  • No product groups with a substantial decrease.
US imports from Faroe Islands in 2014 by product groups
HS
code
Name of product group Value
of imports
in 2014
(USD thousand)
Share
in total import
(%)
Value
of imports
in 2013
USD thousand)
Change
in 2014
over 2013
(%)
03 Fish and crustaceans, molluscs and other aquatic invertebrates 190,304.7 99.55 167,880.913.36
05 Products of animal origin, not elsewhere specified or included 71.6 0.04 0.0
38 Miscellaneous chemical products 136.0 0.07 0.0
39 Plastics and articles thereof 31.2 0.02 0.0
40 Rubber and articles thereof 0.0 0.00 0.9-100.00
49 Printed books, newspapers, pictures and other products of the printing industry; manuscripts, typescripts and plans 0.0 0.00 2.9-100.00
61 Articles of apparel and clothing accessories, knitted or crocheted 86.7 0.05 0.0
62 Articles of apparel and clothing accessories, not knitted or crocheted 9.0 0.00 0.0
84 Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof 4.8 0.00 265.1-98.19
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 448.3 0.23 294.752.12
90 Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus; parts and accessories thereof 2.4 0.00 16.5-85.20
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 0.0 0.00 37.3-100.00
95 Toys, games and sports requisites; parts and accessories thereof 0.0 0.00 3.9-100.00
99 Commodities not specified according to kind 74.4 0.04 37.996.40
Compiled by «US-EXPORT–IMPORT» based on the statistics of the US Department of Commerce