Editing Economy of the Faroe Islands (section)

==Trade==
In 2014 the [[Faroe Islands]] had a [[trade surplus]] of 401 million [[Danish krone|DKK]],<ref name="stats2015">{{cite web |url=http://www.hagstova.fo/sites/default/files/Faroe_Islands_in_figures_2015.pdf |title=Faroe Islands in Figures 2015 |publisher=[[Statistics Faroe Islands]] |access-date=5 December 2015 |archive-url=https://web.archive.org/web/20160304000633/http://www.hagstova.fo/sites/default/files/Faroe_Islands_in_figures_2015.pdf |archive-date=4 March 2016 |url-status=dead }}</ref> a figure that rose to 1.43 billion DKK in 2016.<ref name="stats2017">{{cite web |url=http://www.hagstova.fo/sites/default/files/Faroe_Islands_in_figures_2017.pdf |title=Faroe Islands in Figures 2017 |publisher=[[Statistics Faroe Islands]] |access-date=5 November 2017 |archive-url=https://web.archive.org/web/20180205130128/http://www.hagstova.fo/sites/default/files/Faroe_Islands_in_figures_2017.pdf |archive-date=5 February 2018 |url-status=dead }}</ref>  As of 2016, the Faroe Islands mainly imported goods from [[Denmark]] (2,467 million DKK), [[Germany]] (877 million DKK), and [[Norway]] (610 million DKK).<ref name="imports">{{cite web | url=http://statbank.hagstova.fo/pxweb/en/H2/H2__UH__UH01/uh_innbec.px/table/tableViewLayout1/?rxid=84e5f2ec-f7f8-454d-87cc-452a5cad5ae7 | title=Import by BEC-groups, country of origin and months (1988-2017) | publisher=[[Statistics Faroe Islands]] | access-date=5 November 2017}}</ref> The country's top export destinations were [[Russia]] (1,907 million DKK), the United States (898 million DKK), the United Kingdom (851 million DKK),  and Denmark (697 million DKK).<ref name="exports">{{cite web | url=http://statbank.hagstova.fo/pxweb/en/H2/H2__UH__UH01/uh_utlond.px/table/tableViewLayout1/?rxid=84e5f2ec-f7f8-454d-87cc-452a5cad5ae7 | title=Exports by country of final destination (1988-2016)| publisher=[[Statistics Faroe Islands]] | access-date=5 November 2015}}</ref> European Union countries constituted 72.9% of total Faroese imports, while the exports of the Faroe Islands were more equally distributed between European Union (44.4%) and non-European Union countries (55.6%).<ref name="stats2017" /> The vast majority of Faroese exports, around 90%, consists of fishery products.<ref name=fi-economy>{{cite web |title=Economy of the Faroe Islands |url=https://www.visitfaroeislands.com/about/history-governance-economy/economy/ |website=Visit Faroe Islands |access-date=18 January 2020}}<!--no date. archive blocked--></ref><ref>{{cite web | url=http://www.visitfaroeislands.com/en/about-the-faroe-islands/trade-and-industry/ | title=Trade and Industry | publisher=VisitFaroeIslands.com | access-date=5 December 2015 | archive-url= https://web.archive.org/web/20151208130940/http://www.visitfaroeislands.com/en/about-the-faroe-islands/trade-and-industry | archive-date=8 December 2015 | url-status=dead }}</ref> [[International sanctions during the Ukrainian crisis#Sanctions by Russia|Russian countersanctions]] on food imports from Norway and the European Union, saw the Faroe Islands increase its fresh salmon exports to Russia.<ref>{{cite web | url=http://barentsobserver.com/en/business/2015/09/faroe-islands-cashing-russian-sanctions-03-09 | title=Faroe Islands cashing in on Russian sanctions | publisher=Barents Observer | date=September 3, 2015 | access-date=5 December 2015 | author=Pettersen, Trude}}</ref><ref>{{cite web | url=http://murmur.dk/articles/the-faroe-islands-dont-play-by-eu-rules.383.html | title=The Faroe Islands don't play by EU rules | publisher=The Murmur | date=18 October 2015 | access-date=5 December 2015 | author=Rutkowski, Lena | archive-url=https://web.archive.org/web/20151208074117/http://murmur.dk/articles/the-faroe-islands-dont-play-by-eu-rules.383.html | archive-date=8 December 2015 | url-status=dead }}</ref><ref>{{cite web |title=Faroe/Russian fishery agreement renewed |url=https://kvf.fo/greinar/2019/12/10/faroerussian-fishery-agreement-renewed |website=Kringvarp Føroya |language=fo |date=10 December 2019}}</ref> The Faroe Islands has a [[free trade agreement]] with Iceland since 2005.<ref>{{cite web |last1=Johannessen |first1=John |title=Faroe/Iceland free trade deal renewed |url=https://kvf.fo/greinar/2019/12/29/faroeiceland-free-trade-deal-renewed |website=Kringvarp Føroya |language=fo |date=29 December 2019}}</ref>
  
{| class="wikitable sortable" style="width:600px;"
|+'''Imports and exports in 2014; values in million [[Danish krone]] (DKK)'''<ref name="stats2017" /><ref name="imports" /><ref name="exports" />
|-  style="background:#ccc; text-align:center; vertical-align:middle;"
! Rank rowspan="2"|Rank !! colspan="2" style="width:150px;"|Imports !! rowspan="2"|Rank !! colspan="2" style="width:150px;"|Exports
|-
! Origin !! Value !! Destination !! Value
|- style="text-align:right;"
| style="text-align:center;"| 1 || style="text-align:left;"| {{DEN}} || 2,467 DKK || style="text-align:center;"| 1 || style="text-align:left;"| {{RUS}} || 1,907 DKK 
|- style="text-align:right;"
| style="text-align:center;"| 2 || style="text-align:left;"| {{GER}} || 897 DKK || style="text-align:center;"| 2 || style="text-align:left;"| {{USA}} || 898 DKK
|- style="text-align:right;"
| style="text-align:center;"| 3 || style="text-align:left;"| {{NOR}} || 610 DKK || style="text-align:center;"| 3 || style="text-align:left;"| {{UK}} || 851 DKK
|- style="text-align:right;"
| style="text-align:center;"| 4 || style="text-align:left;"| {{CHN}} || 371 DKK || style="text-align:center;"| 4 || style="text-align:left;"| {{DEN}} || 697 DKK
|- style="text-align:right;"
| style="text-align:center;"| 5 || style="text-align:left;"| {{SWE}} || 282 DKK || style="text-align:center;"| 5 || style="text-align:left;" |{{CHN}} || 569 DKK
|- style="text-align:right;"
| style="text-align:center;"| 6 || style="text-align:left;"| {{ISL}} || 248 DKK || style="text-align:center;"| 6 || style="text-align:left;" |{{GER}} || 521 DKK
|- style="text-align:right;"
| style="text-align:center;"| 7 || style="text-align:left;"| {{ITA}} || 186 DKK || style="text-align:center;"| 7 || style="text-align:left;" |{{NOR}} || 460 DKK
|- style="text-align:right;"
| style="text-align:center;"| 8 || style="text-align:left;"| {{UK}} || 169 DKK || style="text-align:center;"| 8 || style="text-align:left;" |{{FRA}} || 369 DKK
|- style="text-align:right;"
| style="text-align:center;"| 9 || style="text-align:left;"| {{FRA}} || 148 DKK || style="text-align:center;"| 9 || style="text-align:left;" |{{NED}} || 284 DKK
|- style="text-align:right;"
| style="text-align:center;"| 10 || style="text-align:left;"| {{NED}} || 143 DKK || style="text-align:center;"| 10 || style="text-align:left;" |{{POL}} || 251 DKK
|-
|colspan="6"|
|- style="text-align:right;"
| style="text-align:center;"| – || style="text-align:left;"| {{EU}} || 4,807 DKK || style="text-align:center;"| – || style="text-align:left;"| {{EU}} || 3,561 DKK
|- style="text-align:right;"
| style="text-align:center;"| – || style="text-align:left;"| Non-EU countries || 1,785 DKK || style="text-align:center;"| – || style="text-align:left;"| Non-EU countries || 4,461 DKK
|- style="text-align:right;"
| style="text-align:center;"| – || style="text-align:left;"| Total || 6,592 DKK || style="text-align:center;"| – || style="text-align:left;"| Total || 8,022 DKK
|}