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Faroe Islands

Faroe Islands ranked No. 167 in total trade value through October with a total of $90.71 million. Exports totaled $1.88 million and Imports totaled $88.83 million, a deficit of $86.96 million.

U.S. trade with Faroe Islands rose to $90.71 million through October

Faroe Islands’s trade with the United States rose to $90.71 million through the first 10 months of 2018, according to a WorldCity analysis of latest U.S. Census Bureau data. That’s 12.66 percent below its total trade during the same time period last year. Faroe Islands’s exports increased 15.3 percent while imports fell 13.1 percent. The U.S. deficit with Faroe Islands was $86.96 million.

Through October, 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 Miami 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 Boston’s Logan International Airport No. 4 Port of Portland, Maine and No. 5 Chicago O’Hare International Airport. In the current time period, the top five accounted for 71.44 percent of Faroe Islands’s U.S. trade.

Among those top five:

  • Trade with No. 1 John F. Kennedy International Airport fell 0.82 percent to $23.13 million.
    Exports rose 232.72 percent to $23,650. Imports fell 0.9 percent to $23.11 million.
  • Trade with No. 2 Los Angeles International Airport fell 2.08 percent to $18.49 million.
    Exports fell 62.42 percent to $53,887. Imports fell 1.62 percent to $18.44 million.
  • Trade with No. 3 Port of Portland, Maine rose 12.01 percent to $9.63 million.
    Exports rose 56.09 percent to $172,273. Imports rose 11.44 percent to $9.46 million.
  • Trade with No. 4 Boston’s Logan International Airport fell 16.13 percent to $7.72 million.
    Exports totaled $3,554. Imports fell 16.17 percent to $7.72 million.
  • Trade with No. 5 Miami International Airport fell 1.24 percent to $5.83 million.
    There were no exports. Imports fell 1.24 percent to $5.83 million.

Faroe Islands ranked No. 167 among the United States’ top trade partners through the current period. In the same period one year ago, it ranked No. 161.

Meanwhile, total U.S. trade with the world increased to $3.51 trillion, up 9.44 percent compared to the same period last year. The nation’s exports climbed 8.95 percent to $1.39 trillion; imports climbed 9.77 percent to $2.12 trillion. The nation’s top five countries so far this year, by value, are China; Canada; Mexico; Japan and Germany. The overall trade deficit was $732.48 billion, up compared to the same period of last year when the deficit was $657.79 billion.

The top five U.S. exports to Faroe Islands by value through October were the categories of Heterocyclic chemical compounds; Oil-based dyes for paints; Meteorological, hydraulic and survey equipment; Oxygen-function amino-compounds; and Compasses and similar navigational instruments, respectively. They accounted for 66.39 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; Misc. dead animal products; and Returned exports, with change –– accounted for 99.29 percent of all inbound shipments.

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

  • Heterocyclic chemical compounds totaled $629,600. The previous year, there were no exports in this category.
  • Oil-based dyes for paints rose 80.72 percent compared to last year to $313,977.
  • Meteorological, hydraulic and survey equipment totaled $143,959. The previous year, there were no exports in this category.
  • Oxygen-function amino-compounds totaled $81,520. The previous year, there were no exports in this category.
  • Compasses and similar navigational instruments rose 4.82 percent compared to last year to $76,500.

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

  • Fish, fresh or chilled fell 10.31 percent compared to last year to $64.99 million.
  • Fish fillets, chilled or frozen fell 19.41 percent compared to last year to $20.74 million.
  • Frozen fish fell 33.04 percent compared to last year to $1.65 million.
  • Misc. dead animal products rose 25.32 percent compared to last year to $457,476.
  • Returned exports, with change totaled $364,954. The previous year, there were no imports in this category.

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.