Faroe Islands

Faroe Islands ranked No. 149 in total trade value through June with a total of $68.09 million. Exports totaled $1.24 million and Imports totaled $66.86 million, a deficit of $65.62 million.

U.S. trade with Faroe Islands rose to $68.09 million through June

Faroe Islands’s trade with the United States rose to $68.09 million through the first six months of 2020, according to a WorldCity analysis of latest U.S. Census Bureau data. That’s 6.22 percent below its total trade during the same time period last year. U.S. exports to Faroe Islands increased 36.8 percent while U.S. imports from Faroe Islands fell 6.77 percent. The U.S. deficit with Faroe Islands was $65.62 million.

Through June, the top five among the nation’s airports, seaports and border crossings were No. 1 John F. Kennedy International Airport; No. 2 Port of Portland, Maine; No. 3 Los Angeles International Airport; No. 4 Miami Int’l Airport; and No. 5 Boston’s Logan International Airport. During the same period the previous year, the top five were No. 1 John F. Kennedy International Airport; No. 2 Los Angeles International Airport; No. 3 Port of Portland, Maine; No. 4 Boston’s Logan International Airport and No. 5 Port of Newark. In the current time period, the top five accounted for 79.24 percent of Faroe Islands’s U.S. trade.

Among those top five:

  • Trade with No. 1 John F. Kennedy International Airport rose 13.72 percent to $19.97 million.
    Exports rose 225.37 percent to $68,291. Imports rose 13.47 percent to $19.9 million.
  • Trade with No. 2 Port of Portland, Maine rose 85.26 percent to $13.28 million.
    Exports rose 337.05 percent to $173,293. Imports rose 83.86 percent to $13.1 million.
  • Trade with No. 3 Los Angeles International Airport fell 19.81 percent to $12.58 million.
    Exports rose 186.52 percent to $17,916. Imports fell 19.9 percent to $12.56 million.
  • Trade with No. 4 Miami Int’l Airport rose 24.8 percent to $5.61 million.
    There were no exports. Imports rose 24.8 percent to $5.61 million.
  • Trade with No. 5 Boston’s Logan International Airport fell 51.46 percent to $2.51 million.
    There were no exports. Imports fell 51.46 percent to $2.51 million.

Faroe Islands ranked No. 149 among the United States’ top trade partners through the current period. In the same period one year ago, it ranked No. 157.

Meanwhile, total U.S. trade with the world increased to $1.77 trillion, down 57.4 percent compared to the same period last year. The nation’s exports dropped 58.23 percent to $687.16 billion; imports dropped 56.85 percent to $1.08 trillion. The nation’s top five countries so far this year, by value, are Canada; Mexico; China; Japan and Germany. The overall trade deficit was $391.01 billion, down compared to the same period of last year when the deficit was $853.23 billion.

The top five U.S. exports to Faroe Islands by value through June were the categories of Heterocyclic chemical compounds; TVs, computer monitors; Water-based paints and varnishes; Oil-based dyes for paints; and Meteorological, hydraulic and survey equipment, respectively. They accounted for 69.66 percent of total exports to Faroe Islands.

The value of the top five categories of U.S. imports from Faroe Islands –– Fish, fresh or chilled; Fish fillets, chilled or frozen; Frozen fish; Returned exports, without change; and Saws, drills and other hand tools –– accounted for 99.62 percent of all inbound shipments.

Looking more closely at U.S. exports to Faroe Islands:

  • Heterocyclic chemical compounds totaled $307,800. The previous year, there were no exports in this category.
  • TVs, computer monitors totaled $207,095. The previous year, there were no exports in this category.
  • Water-based paints and varnishes totaled $164,270. The previous year, there were no exports in this category.
  • Oil-based dyes for paints rose 120.61 percent compared to last year to $105,722.
  • Meteorological, hydraulic and survey equipment totaled $78,009. The previous year, there were no exports in this category.

Looking more closely at U.S. imports from Faroe Islands:

  • Fish, fresh or chilled fell 11.55 percent compared to last year to $49.89 million.
  • Fish fillets, chilled or frozen rose 8.66 percent compared to last year to $13.89 million.
  • Frozen fish rose 83.76 percent compared to last year to $2.51 million.
  • Returned exports, without change rose 1829.19 percent compared to last year to $263,624.
  • Saws, drills and other hand tools totaled $49,032. The previous year, there were no imports in this category.

In the latest annual figures available, Faroe Islands recorded $145 million in trade with the United States. Total U.S. exports to Faroe Islands were $ 3.17 million and imports from Faroe Islands were $141.83 million. The U.S. deficit with Faroe Islands was $138.65 million.