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Faroe Islands

Faroe Islands ranked No. 159 in total trade value through August with a total of $93.36 million. Exports totaled $2 million and Imports totaled $91.36 million, a deficit of $89.36 million.

U.S. trade with Faroe Islands rose to $93.36 million through August

Faroe Islands’s trade with the United States rose to $93.36 million through the first eight months of 2019, according to a WorldCity analysis of latest U.S. Census Bureau data. That’s 33.34 percent above its total trade during the same time period last year. U.S. exports to Faroe Islands increased 58.17 percent while U.S. imports from Faroe Islands rose 32.88 percent. The U.S. deficit with Faroe Islands was $89.36 million.

Through August, the top five among the nation’s airports, seaports and border crossings 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. 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 Miami International Airport. In the current time period, the top five accounted for 69.34 percent of Faroe Islands’s U.S. trade.

Among those top five:

  • Trade with No. 1 John F. Kennedy International Airport rose 30.25 percent to $23.37 million.
    Exports fell 11.25 percent to $20,989. Imports rose 30.31 percent to $23.35 million.
  • Trade with No. 2 Los Angeles International Airport rose 39.26 percent to $19.56 million.
    Exports fell 68.37 percent to $16,064. Imports rose 39.65 percent to $19.54 million.
  • Trade with No. 3 Port of Portland, Maine rose 21.59 percent to $9.66 million.
    Exports fell 64.35 percent to $56,798. Imports rose 23.35 percent to $9.6 million.
  • Trade with No. 4 Boston’s Logan International Airport fell 0.81 percent to $6.09 million.
    There were no exports. Imports fell 0.75 percent to $6.09 million.
  • Trade with No. 5 Port of Newark rose 40.45 percent to $6.06 million.
    Exports totaled $329,622. Imports rose 32.81 percent to $5.73 million.

Faroe Islands ranked No. 159 among the United States’ top trade partners through the current period. In the same period one year ago, it ranked No. 170.

Meanwhile, total U.S. trade with the world increased to $2.77 trillion, down 0.32 percent compared to the same period last year. The nation’s exports dropped 0.71 percent to $1.1 trillion; imports dropped 0.07 percent to $1.67 trillion. The nation’s top five countries so far this year, by value, are Mexico; Canada; China; Japan and Germany. The overall trade deficit was $575.47 billion, up compared to the same period of last year when the deficit was $568.8 billion.

The top five U.S. exports to Faroe Islands by value through August were the categories of Fur skin apparel articles; Original sculptures and statues; Compasses and similar navigational instruments; Cell phones, related equipment; and Meteorological, hydraulic and survey equipment, respectively. They accounted for 67.69 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; Mussels, scallops, other mollusks; and Misc. dead animal products –– accounted for 99.11 percent of all inbound shipments.

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

  • Fur skin apparel articles totaled $664,970. The previous year, there were no exports in this category.
  • Original sculptures and statues totaled $320,000. The previous year, there were no exports in this category.
  • Compasses and similar navigational instruments rose 238.43 percent compared to last year to $157,033.
  • Cell phones, related equipment rose 174.94 percent compared to last year to $132,033.
  • Meteorological, hydraulic and survey equipment fell 44.71 percent compared to last year to $79,594.

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

  • Fish, fresh or chilled rose 45.77 percent compared to last year to $71.51 million.
  • Fish fillets, chilled or frozen fell 4.33 percent compared to last year to $16.17 million.
  • Frozen fish rose 25.41 percent compared to last year to $1.93 million.
  • Mussels, scallops, other mollusks totaled $737,131. The previous year, there were no imports in this category.
  • Misc. dead animal products fell 48.75 percent compared to last year to $194,592.

In the latest annual figures available, Faroe Islands recorded $120.66 million in trade with the United States. At year’s end, its were New York City; Los Angeles; Portland, Maine; Boston; and Chicago. Total U.S. exports to Faroe Islands were $ 2.03 million and imports from Faroe Islands were $118.62 million. The U.S. deficit with Faroe Islands was $116.59 million.