US trade with Faroe Islands in the 1st quarter of 2017

Published or Updated: Aug 03, 2017

The report on US foreign trade in goods with Faroe Islands in the 1st quarter of 2017: exports, imports, balance, product types and groups, dynamics.

US Trade with Faroe Islands

In the 1st quarter of 2017, US trade with Faroe Islands was $38.0 million, down 5.97% ($2.4 million) from the 1st quarter of 2016.

US exports to Faroe Islands in the 1st quarter of 2017 totaled $0.5 million, up 49.15% ($0.2 million) from the 1st quarter of 2016.

US imports from Faroe Islands in the 1st quarter of 2017 were $37.4 million, down 6.46% ($2.6 million) from the 1st quarter of 2016.

US trade deficit with Faroe Islands in the 1st quarter of 2017 was $36.9 million, a 6.95% decrease ($2.8 million) over the 1st quarter of 2016.

Faroe Islands was the US 147th largest trading partner in the 1st quarter of 2017 (down from 142nd in the 1st quarter of 2016), accounting for 0.0040% of US total trade (down from 0.0046% in the 1st quarter of 2016).

Faroe Islands was the US 201st largest export market in the 1st quarter of 2017 (up from 204th in the 1st quarter of 2016), accounting for 0.0001% of US total exports (just as in the 1st quarter of 2016).

Faroe Islands was the US 112th largest supplier in the 1st quarter of 2017 (down from 109th in the 1st quarter of 2016), accounting for 0.0066% of US total imports (down from 0.0076% in the 1st quarter of 2016).

US Exports to Faroe Islands

The major share of US exports to Faroe Islands in the 1st quarter of 2017 (and in the 1st quarter of 2016) was accounted for the following product types:

  • Chemical products (HS codes 28-40) - 65.51% of US total exports to Faroe Islands (53.33% in the 1st quarter of 2016);
  • Machinery, equipment and vehicles (HS codes 84-90) - 27.19% of US total exports to Faroe Islands (36.69% in the 1st quarter of 2016);
  • Wood and wood products (HS codes 44-49) - 4.42% of US total exports to Faroe Islands (3.19% in the 1st quarter of 2016);
  • Metals and products from them (HS codes 72-83) - 0.00% of US total exports to Faroe Islands (3.37% in the 1st quarter of 2016).

The largest gains in US exports to Faroe Islands in the 1st quarter of 2017 over the 1st quarter of 2016 were recorded for the following product groups:

  • Tanning or dyeing extracts; dyes, pigments, paints, varnishes, putty and mastics (HS code 32) - an increase of $136.7 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 $112.8 thousand;
  • Essential oils and resinoids; perfumery, cosmetic or toilet preparations (HS code 33) - an increase of $20.4 thousand;
  • Paper and paperboard; articles of paper pulp, of paper or of paperboard (HS code 48) - an increase of $12.0 thousand.

The largest declines in US exports to Faroe Islands in the 1st quarter of 2017 over the 1st quarter of 2016 were recorded for the following product groups:

  • Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus; parts and accessories thereof (HS code 90) - a decrease of $93.6 thousand;
  • Articles of iron or steel (HS code 73) - a decrease of $11.9 thousand;
  • Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof (HS code 84) - a decrease of $5.5 thousand.
US exports to Faroe Islands in the 1st quarter of 2017 by product groups
HS
code
Name of product group Value
of exports
in Q1 2017
(USD thousand)
Share
in total export
(%)
Value
of exports
in Q1 2016
(USD thousand)
Change
in Q1 2017
over Q1 2016
(%)
32 Tanning or dyeing extracts; dyes, pigments, paints, varnishes, putty and mastics 325.3 61.65 188.772.42
33 Essential oils and resinoids; perfumery, cosmetic or toilet preparations 20.4 3.86 0.0
48 Paper and paperboard; articles of paper pulp, of paper or of paperboard 23.3 4.42 11.3106.40
73 Articles of iron or steel 0.0 0.00 11.9-100.00
84 Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof 2.8 0.53 8.3-66.41
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 121.6 23.04 8.81,286.80
90 Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus; parts and accessories thereof 19.1 3.62 112.7-83.05
92 Musical instruments; parts and accessories of such articles 3.1 0.60 3.2-2.63

US Imports from Faroe Islands

The major share of US imports from Faroe Islands in the 1st quarter of 2017 (and in the 1st quarter of 2016) was accounted for the following product types:

  • Food products and agricultural raw materials (HS codes 01-24) - 99.33% of US total imports from Faroe Islands (99.93% in the 1st quarter of 2016).

The largest gains in US imports from Faroe Islands in the 1st quarter of 2017 over the 1st quarter of 2016 were recorded for the following product groups:

  • Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof (HS code 84) - an increase of $199.2 thousand;
  • Products of animal origin, not elsewhere specified or included (HS code 05) - an increase of $159.5 thousand.

The largest declines in US imports from Faroe Islands in the 1st quarter of 2017 over the 1st quarter of 2016 were recorded for the following product groups:

  • Fish and crustaceans, molluscs and other aquatic invertebrates (HS code 03) - a decrease of $2,964.6 thousand.
US imports from Faroe Islands in the 1st quarter of 2017 by product groups
HS
code
Name of product group Value
of imports
in Q1 2017
(USD thousand)
Share
in total import
(%)
Value
of imports
in Q1 2016
(USD thousand)
Change
in Q1 2017
over Q1 2016
(%)
03 Fish and crustaceans, molluscs and other aquatic invertebrates 37,015.2 98.91 39,979.8-7.42
05 Products of animal origin, not elsewhere specified or included 159.5 0.43 0.0
41 Raw hides and skins (other than furskins) and leather 0.0 0.00 0.5-100.00
43 Furskins and artificial fur; manufactures thereof 0.0 0.00 0.6-100.00
59 Impregnated, coated, covered or laminated textile fabrics; textile articles of a kind suitable for industrial use 0.9 0.00 0.0
73 Articles of iron or steel 20.2 0.05 0.0
84 Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof 199.2 0.53 0.0
90 Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus; parts and accessories thereof 19.2 0.05 0.0
Compiled by «US-EXPORT–IMPORT» based on the statistics of the US Department of Commerce