Big drop in exports to Russia

The value of goods exported to Russia in January 2022 was DKK 227 million.

By May, this figure had come down to DKK 13.5 million, reports Statistics Faroe Islands. This figure consists mainly of sales of fuel, etc. to Russian ships.

Russia invaded Ukraine on February 24. By the end of February, Faroese exports to Russia had already come down to DKK 105 million, and this amount has been on a steady decline since then.

The value of total exports to Russia in the June 2020 - May 2021 period was DKK 450 million.

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The annual total salmon export value surpassed DKK 5 billion for the first time in the June 2021-May 2022 period.

This represents a year-on-year increase of 43 percent in export value. Prices have risen significantly as the export volume only increased by 19 percent.

In total, the export value of Faroese fish products in the June 2021-May 2022 period amounted to DKK 11.23 billion, which is an increase of 36 percent. The year-on-year increase in volume was 7 percent.

Read the Faroese versions of this article here and here.

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