Although Faroese exports to Russia dropped significantly in the spring of 2022, following the Russian invasion of Ukraine in February that year, exports have since climbed back to their pre-February 2022 levels, according to Statistics Faroe Islands.
Thus February of this year saw Faroese exports to Russia of pelagic fish species mackerel, herring and blue whiting amount to 105.4 million DKK (14 mn. EUR), compared to only 58.8 mn. DKK (7.81 mn. EUR) during the same month last year.
In February the exports from the Faroes to Russia of ‘other goods’ amounted to 12.4 mn. DKK (1.65 mn. EUR), which is normal for February. This will usually include fuel to Russian fishing vessels docking in the Faroes.
In November of last year, the Faroes and Russia extended their longstanding bilateral fisheries agreement for another year, and currently the continuation of that arrangement is being debated with differing opinions at the political level.
Prime Minister Aksel V. Johannesen said on April 12th that this is a matter that requires time to thoroughly examine for potential consequences.
The Prime Minister added that the goal is to reach an agreement between all parties represented in parliament.
“We should be speaking with one voice when it comes to foreign relations,” he said.
Overall, Faroese fish exports increased by 2.1 billion DKK (280 mn. EUR) between March 2022 and February 2023, compared to the previous twelve months. The total value of exports for the period amounted to 12.9 bn. DKK (1.71 bn. EUR), with fish products making up 11.8 bn. DKK (1.57 bn. EUR).
Statistics Faroe Islands also noted that total imports for the same period amounted to 12.8 billion DKK, a 3.3-billion increase on the previous 12 months.