Executive Report on Strategies in the Faroe Islands
ICON Group International, June 2007, Pages: 376
How to Strategically Evaluate the Faroe Islands
Perhaps the most efficient way of evaluating the Faroe Islands is to consider key dimensions which themselves are composites of multiple factors. Composite portfolio approaches have long been used by strategic planners. The biggest challenge in this approach is to choose the appropriate factors that are the most relevant to international planning. The two measures of greatest relevance are “latent demand” and “market accessibility”. The figure below summarizes the key dimensions and recommendations of such an approach. Using these two composites, one can prioritize all countries of the world. Countries of high latent demand and high relative accessibility (e.g. easier entry for one firm compared to other firms) are given highest priority. The figure below shows two different scenarios. Accessibility is defined as a firm’s ease of entering or supplying from or to a market (the “supply side”), and latent demand is an indicator of the potential in serving from or to the market (the “demand side”).
Framework for Prioritizing Countries
Demand/Market Potential Driven Firm
Relative Accessibility
Accessibility/Supply Averse Firm
Relative Accessibility
In the top figure, the firm is driven by market potential, whereas the bottom figure represents a firm that is driven by costs or by an aversion to difficult markets. This report treats the reader as coming from a “generic firm” approaching the global market - neither a market-driven nor a cost-driven company. Planners must therefore augment this report with their own company-specific factors that might change the priorities.
Latent Demand in the Faroe Islands
This report provides an extremely detailed overview of factors driving latent demand in the Faroe Islands. Latent demand is largely driven by economic fundamentals. In Chapter 2, I summarize the economic potential for the Faroe Islands over the next five years for hundreds of industries, categories, and products. The goal of this chapter is to report my findings on the real economic potential, or latent demand, represented by the Faroe Islands when defined as an area of dominant influence. The data presented are the result of various spatial econometric and time-series forecasting models which, for each category presented, are applied to forecast and allocate latent demand across all countries of the world and major distribution centers or centers of dominant influence within each country. This is accomplished knowing that economic fundamentals (e.g. income) generally vary from one country to another within a given country over time. In this chapter, I report the allocation for each category for the Faroe Islands as an area of dominant influence in Europe and, potentially, the world.
The report concludes with trade indicators for the Faroe Islands. Often, the amount of trade flowing into and out of a country is a strong indicator of trading partners, trade openness, and related latent demand. Trade indicators are purely statistical in nature. Although international trade is not a direct measure of latent demand, it does provide an indicator of general market conditions with respect to trade flows and trade openness in the Faroe Islands.
As a whole, this report presents a strategic assessment of the Faroe Islands by considering an extremely broad set of factors, as outlined in the following chapters.
ECONOMIC AND PRODUCT MARKETS IN THE FAROE ISLANDS
Introduction & Methodology
Overview & Methodology
In performing various economic analyses for clients, I have occasionally been asked to investigate the market potential for various products and services in Faroe Islands. The purpose of the studies is to understand the density of demand within Faroe Islands and the extent to which Faroe Islands might be used as a point of distribution within Europe. From an economic perspective, however, Faroe Islands does not represent a population within rigid geographical boundaries, rather, it represents an area of dominant influence over markets in adjacent areas. This influence varies from one industry to another, but also from one period of time to another.
In what follows, I summarize the economic potential for Faroe Islands over the next five years for hundreds of industries, categories, and products. The goal of this chapter is to report my findings on the real economic potential, or what an economist calls the latent demand, represented by Faroe Islands when defined as an area of dominant influence. The reader needs to realize that latent demand may or may not represent real sales. For many items, latent demand is clearly observable in sales, as in the case for food or housing items. Consider, however, the category "satellite launch vehicles". Clearly, there are no launch pads in Faroe Islands used by the space industry to launch satellites. However, the core benefit of the vehicles (e.g. telecommunications, etc.) is "consumed" by the area served by Faroe Islands. Without Faroe Islands, in other words, the market for satellite launch vehicles would be lower for the population in Faroe Islands, Europe, or the world in general. One needs to allocate, therefore, a portion of the worldwide economic demand for launch vehicles to both Europe and Faroe Islands.
The data presented are the result of various spatial econometric and time-series forecasting models which, for each category presented, are applied to forecast and allocate latent demand across all countries of the world and major distribution centers or centers of dominant influence within each country. This is accomplished knowing that economic fundamentals (e.g. income) generally vary from one country to another within a given country over time. In this chapter, I report the allocation for each category for Faroe Islands as an area of dominant influence in Europe and, potentially, the world.
Market Potential Estimation Methodology
Overview
This chapter covers the outlook for products in Faroe Islands. For the year reported, estimates are given for the latent demand, or potential industry earnings (P.I.E.), for Faroe Islands (in millions of U.S. dollars). Comparative benchmarks allow the reader to quickly gauge Faroe Islands vis-à-vis regional and global totals. Using econometric models which project fundamental economic dynamics within each country and across countries, latent demand estimates are created. This chapter does not discuss the specific players in the market serving the latent demand, nor specific details at the product level. The chapter does not consider short-term cyclicalities that might affect realized sales. The chapter, therefore, is strategic in nature, taking an aggregate and long-run view, irrespective of the players or products involved.
This chapter does not report actual sales data, but gives, however, my estimates for the latent demand for products and services in Faroe Islands. For each category, I also show my estimates of how the P.I.E. grows over time (positive or negative growth). In order to make these estimates, a multi-stage methodology was employed that is often taught in courses on international strategic planning at graduate schools of business.
What Is Latent Demand and the P.I.E.?
The concept of latent demand is rather subtle. The term latent typically refers to something that is dormant, not observable, or not yet realized. Demand is the notion of an economic quantity that a target population or market requires under different assumptions of price, quality, and distribution, among other factors. Latent demand, therefore, is commonly defined by economists as the industry earnings of a market when that market becomes accessible and attractive to serve by competing firms. It is a measure, therefore, of potential industry earnings (P.I.E.) or total revenues (not profit) if a market is served in an efficient manner. It is typically expressed as the total revenues potentially extracted by firms. The “market” is defined at a given level in the value chain. There can be latent demand at the retail level, at the wholesale level, the manufacturing level, and the raw materials level (the P.I.E. of higher levels of the value chain being always smaller than the P.I.E. of levels at lower levels of the same value chain, assuming all levels maintain minimum profitability).
The latent demand is not actual or historic sales. Nor is latent demand future sales. In fact, latent demand can be either lower or higher than actual sales if a market is inefficient (i.e., not representative of relatively competitive levels). Inefficiencies arise from a number of factors, including the lack of international openness, cultural barriers to consumption, regulations, and cartel-like behavior on the part of firms. In general, however, latent demand is typically larger than actual sales in a country market. It should be noted that the estimates are “culture blind” and “climate blind”, meaning that sales may in fact be lower than the latent demand due to cultural or exogenous factors, such as religion or climate (e.g. the presence of certain religions can effect the actual sales of certain food and beverage products, in the same way that climatic conditions can affect the actual sales of clothing and/or heating products). The estimates of latent demand do not explicitly control for either these long-run exogenous factors or shot-run exogenous factors that may be present from year to year (e.g. the effects of war, SARS, terrorist activities, civil wars, natural disasters, elections, or similar events).
For reasons discussed later, this chapter does not consider the notion of “unit quantities”, only total latent revenues (i.e., a calculation of price times quantity is never made, though one is implied). The units used in this chapter are U.S. dollars not adjusted for inflation (i.e., the figures incorporate inflationary trends) and not adjusted for future dynamics in exchange rates (i.e., the figures reflect average exchange rates over recent history). If inflation rates or exchange rates vary in a substantial way compared to recent experience, actually sales can also exceed latent demand (when expressed in U.S. dollars, not adjusted for inflation). On the other hand, latent demand can be typically higher than actual sales as there are often distribution inefficiencies that reduce actual sales below the level of latent demand.
As mentioned earlier, this chapter is strategic in nature, taking an aggregate and long-run view, irrespective of the players or products involved. If fact, all the current products or services on the market can cease to exist in their present form (i.e., at a brand, R&D specification, or corporate-image level) and all the players can be replaced by other firms (i.e., via exits, entries, mergers, bankruptcies, etc.), and there will still be an international latent demand at the aggregate level. Product and service offering details, and the actual identity of the players involved, while important for certain issues, are relatively unimportant for estimates of latent demand.
The Methodology
In order to estimate the latent demand for Faroe Islands, I used a multi-stage approach. Before applying the approach, one needs a basic theory from which such estimates are created. In this case, I heavily rely on the use of certain basic economic assumptions. In particular, there is an assumption governing the shape and type of aggregate latent demand functions. Latent demand functions relate the income of a country, city, state, household, or individual to realized consumption. Latent demand (often realized as consumption when an industry is efficient), at any level of the value chain, takes place if an equilibrium is realized. For firms to serve a market, they must perceive a latent demand and be able to serve that demand at a minimal return. The single most important variable determining consumption, assuming latent demand exists, is income (or other financial resources at higher levels of the value chain). Other factors that can pivot or shape demand curves include external or exogenous shocks (i.e., business cycles), and or changes in utility for the product in question.
Ignoring, for the moment, exogenous shocks and variations in utility across countries, the aggregate relation between income and consumption has been a central theme in economics. The figure below concisely summarizes one aspect of problem. In the 1930s, John Meynard Keynes conjectured that as incomes rise, the average propensity to consume would fall. The average propensity to consume is the level of consumption divided by the level of income, or the slope of the line from the origin to the consumption function. He estimated this relationship empirically and found it to be true in the short-run (mostly based on cross-sectional data). The higher the income, the lower the average propensity to consume. This type of consumption function is labeled "A" in the figure below (note the rather flat slope of the curve). In the 1940s, another macroeconomist, Simon Kuznets, estimated long-run consumption functions which indicated that the marginal propensity to consume was rather constant (using time series data across countries). This type of consumption function is show as "B" in the figure below (note the higher slope and zero-zero intercept). The average propensity to consume is constant.
Is it declining or is it constant? A number of other economists, notably Franco Modigliani and Milton Friedman, in the 1950s (and Irving Fisher earlier), explained why the two functions were different using various assumptions on intertemporal budget constraints, savings, and wealth. The shorter the time horizon, the more consumption can depend on wealth (earned in previous years) and business cycles. In the long-run, however, the propensity to consume is more constant. Similarly, in the long run, households, industries, or countries with no income eventually have no consumption (wealth is depleted). While the debate surrounding beliefs about how income and consumption are related and interesting, in this chapter a very particular school of thought is adopted. In particular, we are considering the latent demand across some 230 countries. The smallest have fewer than 10,000 inhabitants. I assume that all of these counties fall along a "long-run" aggregate consumption function. This long-run function applies despite some of these countries having wealth; current income dominates the latent demand. So, latent demand in the long-run has a zero intercept. However, I allow firms to have different propensities to consume (including being on consumption functions with differing slopes, which can account for differences in industrial organization and end-user preferences).
Given this overriding philosophy, I will now describe the methodology used to create the latent demand estimates for Faroe Islands. Since ICON Group has asked me to apply this methodology to a large number of categories and countries, the rather academic discussion below is general and can be applied to a wide variety of categories and countries, not just Faroe Islands.
Step 1. Product Definition and Data Collection
Any study of latent demand across countries and within Faroe Islands requires that some standard be established to define “efficiently served”. Having implemented various alternatives and matched these with market outcomes, I have found that the optimal approach is to assume that certain key countries are more likely to be at or near efficiency than others. These countries are given greater weight than others in the estimation of latent demand compared to other countries for which no known data are available. Of the many alternatives, I have found the assumption that the world’s highest aggregate income and highest income-per-capita markets reflect the best standards for “efficiency”. High aggregate income alone is not sufficient (i.e., China has high aggregate income, but low income per capita and cannot assumed to be efficient). Aggregate income can be operationalized in a number of ways, including gross domestic product (for industrial categories), or total disposable income (for household categories; population times average income per capita, or number of households times average household income per capita). Brunei, Nauru, Kuwait, and Lichtenstein are examples of countries with high income per capita, but not assumed to be efficient, given low aggregate level of income (or gross domestic product); these countries have, however, high incomes per capita but may not benefit from the efficiencies derived from economies of scale associated with large economies. Only countries with high income per capita and large aggregate income are assumed efficient. This greatly restricts the pool of countries to those in the OECD (Organization for Economic Cooperation and Development), like the United States or the United Kingdom (which were earlier than other large OECD economies to liberalize their markets).
The selection of countries is further reduced by the fact that not all countries in the OECD report industry revenues at the category level. Countries that typically have ample data at the aggregate level that meet the efficiency criteria include the United States, the United Kingdom and in some cases France and Germany.
Latent demand for Faroe Islands is therefore estimated using data collected for relatively efficient markets from independent data sources (e.g. Euromonitor, Mintel, Thomson Financial Services, the U.S. Industrial Outlook, the World Resources Institute, the Organization for Economic Cooperation and Development, various agencies from the United Nations, industry trade associations, the International Monetary Fund, and the World Bank). Depending on original data sources used, the definition of a category is established. In the case of this chapter, the data were reported at the aggregate level, with no further breakdown or definition. In other words, any potential product or service that might be incorporated within a category falls under the broadest definition of the category. Public sources rarely report data at the disaggregated level in order to protect private information from individual firms that might dominate a specific product-market. These sources will therefore aggregate across components of a category and report only the aggregate to the public. While private data are certainly available, this chapter only relies on public data at the aggregate level without reliance on the summation of various category components. In other words, this chapter does not aggregate a number of components to arrive at the “whole”. Rather, it starts with the “whole”, and estimates the whole for all countries and the world at large (without needing to know the specific parts that went into the whole in the first place). All figures in this chapter are for sales resulting from retail channels.
Step 2. Filtering and Smoothing
Based on the aggregate view of categories as defined above, data were then collected for as many similar countries as possible for that same definition, at the same level of the value chain. This generates a convenience sample of countries from which comparable figures are available. If the series in question do not reflect the same accounting period, then adjustments are made. In order to eliminate short-term effects of business cycles, the series are smoothed using an 2 year moving average weighting scheme (longer weighting schemes do not substantially change the results). If data are available for a country, but these reflect short-run aberrations due to exogenous shocks (such as would be the case of beef sales in a country stricken with foot-and-mouth disease), these observations were dropped or "filtered" from the analysis.
Step 3. Filling in Missing Values
In some cases, data are available for countries on a sporadic basis. In other cases, data from a country may be available for only one year. From a Bayesian perspective, these observations should be given greatest weight in estimating missing years. Assuming that other factors are held constant, the missing years are extrapolated using changes and growth in aggregate national income. Based on the overriding philosophy of a long-run consumption function (defined earlier), countries which have missing data for any given year, are estimated based on historical dynamics of aggregate income for that country.
Step 4. Varying Parameter, Non-Linear Estimation
Given the data available from the first three steps, the latent demand in additional countries is estimated using a “varying-parameter cross-sectionally pooled time series model”. Simply stated, the effect of income on latent demand is assumed to be constant across countries unless there is empirical evidence to suggest that this effect varies (i.e., . the slope of the income effect is not necessarily same for all countries). This assumption applies across countries along the aggregate consumption function, but also over time (i.e., not all countries are perceived to have the same income growth prospects over time and this effect can vary from country to country as well). Another way of looking at this is to say that latent demand is more likely to be similar across countries that have similar characteristics in terms of economic development (i.e., African countries will have similar latent demand structures controlling for the income variation across the pool of African countries).
This approach is useful across countries for which some notion of non-linearity exists in the aggregate cross-country consumption function. For some categories, however, the reader must realize that the numbers will reflect the contribution of Faroe Islands to global latent demand and may never be realized in the form of local sales. For certain country-category combinations this will result in what at first glance will be odd results. For example, the latent demand for the category “space vehicles” will exist for “Togo” even though they have no space program. The assumption is that if the economies in these countries did not exist, the world aggregate for these categories would be lower. The share attributed to these countries is based on a proportion of their income (however small) being used to consume the category in question (i.e., perhaps via resellers).
Step 5. Fixed-Parameter Linear Estimation
Non-linearities are assumed in cases where filtered data exist along the aggregate consumption function. Because the world consists of more than 200 countries, there will always be those countries, especially toward the bottom of the consumption function, where non-linear estimation is simply not possible. For these countries, equilibrium latent demand is assumed to be perfectly parametric and not a function of wealth (i.e., a country’s stock of income), but a function of current income (a country’s flow of income). In the long run, if a country has no current income, the latent demand is assumed to approach zero. The assumption is that wealth stocks fall rapidly to zero if flow income falls to zero (i.e., countries which earn low levels of income will not use their savings, in the long run, to demand). In a graphical sense, for low income countries, latent demand approaches zero in a parametric linear fashion with a zero-zero intercept. In this stage of the estimation procedure, low-income countries are assumed to have a latent demand proportional to their income, based on the country closest to it on the aggregate consumption function.
Step 6. Aggregation and Benchmarking
Based on the models described above, latent demand figures are estimated for all countries of the world, for Faroe Islands and for the smallest economies. These are then aggregated to get world totals and regional totals. To make the numbers more meaningful, regional and global demand figures are presented. Figures are rounded, so minor inconsistencies may exist across tables.
1 INTRODUCTION & METHODOLOGY 15
1.1 What Does This Report Cover? 15
1.2 How to Strategically Evaluate the Faroe Islands 15
1.3 Latent Demand in the Faroe Islands 17
2 ECONOMIC AND PRODUCT MARKETS IN THE FAROE ISLANDS 18
2.1 Introduction & Methodology 18
2.1.1 Overview & Methodology 18
2.1.2 Market Potential Estimation Methodology 18
2.2 Summary Rankings 24
2.3 Latent Demand Forecasts 35
2.3.1 Adhesives and Sealants 35
2.3.2 Advertising Services 35
2.3.3 Aerospace and Defense Equipment 36
2.3.4 Aftermarket Passenger Car Tires 36
2.3.5 Air Freight Services 37
2.3.6 Alcoholic Beverages 37
2.3.7 Ales and Stouts 38
2.3.8 Alimentary and Metabolism Pharmaceuticals 38
2.3.9 Aluminum Die-Casting Foundries 39
2.3.10 Amusement and Recreation Services 39
2.3.11 Analgesics 40
2.3.12 Analog Color Televisions 40
2.3.13 Antidepressant Pharmaceuticals 41
2.3.14 Apparel and Accessories 41
2.3.15 Appetizers and Dips 42
2.3.16 Apples 42
2.3.17 Applications Software 43
2.3.18 Application-Specific Integrated Circuits (ASICs) 43
2.3.19 Architectural Services 44
2.3.20 Athletic Footwear 44
2.3.21 Auto and Home Supply Stores 45
2.3.22 Aviation Services 45
2.3.23 Baby Formula 46
2.3.24 Baked Goods 46
2.3.25 Bakery Products 47
2.3.26 Bananas 47
2.3.27 Base Chemicals 48
2.3.28 Battery Eggs 48
2.3.29 Beauty and Barber Shops 49
2.3.30 Beer 49
2.3.31 Bicycles and Bicycle Accessories 50
2.3.32 Biotechnology 50
2.3.33 Bituminous Coal 51
2.3.34 Blended Whiskey 51
2.3.35 Boat Building 52
2.3.36 Boilers 52
2.3.37 Book Publishing 53
2.3.38 Bottled Water 53
2.3.39 Bottles of Lager Beer 54
2.3.40 Bread 54
2.3.41 Breakfast Cereals 55
2.3.42 Breweries 55
2.3.43 Broadband Internet Access 56
2.3.44 Broadwoven Fabric Finishing Mills 56
2.3.45 Brown and Wholemeal Bread 57
2.3.46 Building Materials and Garden Supplies 57
2.3.47 Business and School Supplies 58
2.3.48 Butcher Shops 58
2.3.49 Cable TV 59
2.3.50 CAD/CAM/CAE Software 59
2.3.51 Cafes and Restaurants 60
2.3.52 Cakes and Pastries 60
2.3.53 Camcorders 61
2.3.54 Campgrounds and Recreational Vehicle Parks 61
2.3.55 Candy 62
2.3.56 Cans of Lager Beer 62
2.3.57 Car Aftermarket Products 63
2.3.58 Casinos and Gambling 63
2.3.59 Cat Food 64
2.3.60 CD Players 64
2.3.61 Cellular Telephones 65
2.3.62 Cement Construction Materials 65
2.3.63 Cemeteries and Crematories 66
2.3.64 Chemicals 66
2.3.65 Chilled and Deli Food 67
2.3.66 Chips and Crisps 67
2.3.67 Chocolate Candy 68
2.3.68 Cigarette Manufacturing 68
2.3.69 Citrus Fruit 69
2.3.70 Civil Aerospace Equipment 69
2.3.71 Clay Building Products 70
2.3.72 Clothing Accessories 70
2.3.73 Coin-Operated Laundries and Dry Cleaners 71
2.3.74 Colas 71
2.3.75 Collection Agencies 72
2.3.76 Color Televisions 72
2.3.77 Combination Refrigerator-Freezers 73
2.3.78 Commercial Banking 73
2.3.79 Communications Services 74
2.3.80 Compact Discs (CDs) 74
2.3.81 Complete Dry Dog Food 75
2.3.82 Computer Hardware 75
2.3.83 Concrete Building Products 76
2.3.84 Console Video Games 76
2.3.85 Construction and Engineering Services 77
2.3.86 Consumer Chemicals 77
2.3.87 Continental and Specialty Plant Bread 78
2.3.88 Convenience Stores 78
2.3.89 Cookies and Crackers 79
2.3.90 Cooking Ranges 79
2.3.91 Corporate Strategy Services 80
2.3.92 Cosmetics and Toiletries 80
2.3.93 Costume Jewelry 81
2.3.94 Cotton Yarn 81
2.3.95 Cough and Cold Remedies 82
2.3.96 Credit Bureaus 82
2.3.97 Cross/utility Vehicles (CUVs) 83
2.3.98 Crude Petroleum and Natural Gas Extraction 83
2.3.99 Cruise Ship Tourism 84
2.3.100 Crushed and Broken Stone 84
2.3.101 Current-Carrying Wiring Device Manufacturing 85
2.3.102 Daily Newspapers 85
2.3.103 Dark Brandy 86
2.3.104 Data Processing and Network Services 86
2.3.105 Defense Industry Equipment 87
2.3.106 Deli Food 87
2.3.107 Deluxe and Malt Whiskey 88
2.3.108 Department Stores 88
2.3.109 Depository Credit Intermediation 89
2.3.110 Designer Bath and Shower Products 89
2.3.111 Desktop Personal Computers 90
2.3.112 Dial-Up Internet Access 90
2.3.113 Diesel Trucks 91
2.3.114 Digital Cameras 91
2.3.115 Dining Out 92
2.3.116 Direct Selling Establishments 92
2.3.117 Discount Superstores 93
2.3.118 Discrete Semiconductors 93
2.3.119 Disposable Health Care Equipment and Supplies 94
2.3.120 Distillate Fuel Oil 94
2.3.121 Distilleries 95
2.3.122 Dog Food 95
2.3.123 Dolls and Figures 96
2.3.124 Domestic Water Utilities 96
2.3.125 DRAM (dynamic Random Access Memory) 97
2.3.126 Draught Lager Beer 97
2.3.127 Dried Food 98
2.3.128 Drug Delivery Systems 98
2.3.129 Durable Goods 99
2.3.130 DVD Players 99
2.3.131 Eating and Drinking Places 100
2.3.132 Education and Training Services 100
2.3.133 Electron Tubes 101
2.3.134 Elementary and Secondary Schools 101
2.3.135 Engineering Services 102
2.3.136 Envelope Manufacturing 102
2.3.137 Environmental Consulting Services 103
2.3.138 Ethnic Hair Care Products 103
2.3.139 Everyday Cookies 104
2.3.140 Extended Stay and Business Suite Motels 104
2.3.141 Exterminating and Pest Control Services 105
2.3.142 Family Clothing Stores 105
2.3.143 Farm Machinery and Equipment 106
2.3.144 Fast Food 106
2.3.145 Fax Machines 107
2.3.146 Financial Services 107
2.3.147 Fixed-Line Telecommunications Services 108
2.3.148 Floor Coverings 108
2.3.149 Flour Milling 109
2.3.150 Folding Paperboard Boxes 109
2.3.151 Food Advertising 110
2.3.152 Forestry and Fishing 110
2.3.153 Fossil Fuel-Powered Electric Power Generation 111
2.3.154 Fragrances 111
2.3.155 Franchising 112
2.3.156 Fresh Beef and Veal 112
2.3.157 Fuel Dealers 113
2.3.158 Funeral Homes 113
2.3.159 Gambling 114
2.3.160 Gardening Supplies, Outdoor Furniture, and Plants 114
2.3.161 General Merchandise stores 115
2.3.162 Generic Prescription Drugs 115
2.3.163 Gift, Novelty, and Souvenir Stores 116
2.3.164 Gifts 116
2.3.165 Gin 117
2.3.166 Glass Container Manufacturing 117
2.3.167 Global Positioning System (GPS) Receivers 118
2.3.168 Gold Ores 118
2.3.169 Golf Equipment 119
2.3.170 Gourmet Potato Chips 119
2.3.171 Government Public Health Activities 120
2.3.172 Grape Juice 120
2.3.173 Graphic Design Services 121
2.3.174 Green Vegetables 121
2.3.175 Greeting Cards 122
2.3.176 Grocery Discounters 122
2.3.177 GSM-Based Cellular Telephones 123
2.3.178 Guided Missiles and Space Vehicles 123
2.3.179 Gypsum Products 124
2.3.180 Hard Cheese 124
2.3.181 HDTV 125
2.3.182 Health Care Equipment and Supplies 125
2.3.183 Highway and Street Construction 126
2.3.184 Hispanic Music Television 126
2.3.185 Hi-Tech Logistics 127
2.3.186 Hobby, Toy, and Game Stores 127
2.3.187 Home Improvement Retailers 128
2.3.188 Hospital Food Service 128
2.3.189 Household Textiles and Soft Furnishings 129
2.3.190 Human Resource Management Services 129
2.3.191 Hunting, Trapping, and Game Propagation 130
2.3.192 Ice Cream 130
2.3.193 Imported Whiskey 131
2.3.194 Impulse Ice Cream 131
2.3.195 In Vitro Diagnostic Equipment 132
2.3.196 IP-Based Enterprise Networking Equipment 132
2.3.197 Janitorial Services 133
2.3.198 Jewelry Stores 133
2.3.199 Juice 134
2.3.200 Kitchen Appliances 134
2.3.201 Knitwear 135
2.3.202 Lager Beer 135
2.3.203 Laptop Computers 136
2.3.204 Large Household Appliances 136
2.3.205 Lawn and Garden Equipment and Supplies Stores 137
2.3.206 Leather and Leather Products 137
2.3.207 Legal Services 138
2.3.208 Leisure Education 138
2.3.209 Lemonade 139
2.3.210 Life Insurance Sold by Life Insurance Companies 139
2.3.211 Linen and Uniform Supply 140
2.3.212 Lingerie 140
2.3.213 Liquefied Petroleum Gas 141
2.3.214 Liqueurs 141
2.3.215 Local and Interurban Passenger Transit 142
2.3.216 Logging 142
2.3.217 Logistics for the Pharmaceutical Industry 143
2.3.218 Lumber and Wood Products 143
2.3.219 Machine Tools 144
2.3.220 Machining Precision Turned Products 144
2.3.221 Magazines 145
2.3.222 Mainstream Tea 145
2.3.223 Malt Beverages 146
2.3.224 Management Consulting Services 146
2.3.225 Manifold Business Forms 147
2.3.226 Manmade Fabric Mills 147
2.3.227 Manufactured Mobile Home Dealers 148
2.3.228 Manufacturing Dog and Cat Food 148
2.3.229 Marine Freight Services 149
2.3.230 Marketing Research and Public Opinion Polling 149
2.3.231 Materials Handling Machinery 150
2.3.232 Measuring and Controlling Instruments 150
2.3.233 Meat and Poultry 151
2.3.234 Media Advertising 151
2.3.235 Medical Biotechnology 152
2.3.236 Medium and Heavy Trucks 152
2.3.237 Mens Grooming Products 153
2.3.238 Menswear 153
2.3.239 Menthol Cigarettes 154
2.3.240 Millwork 154
2.3.241 Mineral Water 155
2.3.242 Model Wheeled Vehicles 155
2.3.243 Moist Cat Food 156
2.3.244 Morning Bakery Goods 156
2.3.245 Motor Vehicles and Motor Vehicle Equipment 157
2.3.246 Music and Video Game Stores 157
2.3.247 National Newspapers 158
2.3.248 New Car Dealers 158
2.3.249 Nitrogenous Fertilizer Manufacturing 159
2.3.250 Non-Airport Car Rentals 159
2.3.251 Non-Chocolate Confectionery Manufacturing 160
2.3.252 Non-Citrus Fruit 160
2.3.253 Non-Current-Carrying Wiring Device Manufacturing 161
2.3.254 Non-Daily Newspapers 161
2.3.255 Non-Depository Credit Intermediation 162
2.3.256 Non-Durable Goods 162
2.3.257 Non-Farm Housing Services 163
2.3.258 Non-Food Retail Sales 163
2.3.259 Non-Interest Commercial Banking 164
2.3.260 Non-Metallic Mineral Mining and Quarrying 164
2.3.261 Non-Residential Construction and Engineering 165
2.3.262 Non-Store Retailers and Mail Order 165
2.3.263 Non-Wood Office Furniture Manufacturing 166
2.3.264 Nonwoven Fabric Mills 166
2.3.265 Nuclear Electric Power Generation 167
2.3.266 Nursery, Garden Center, and Farm Supply Stores 167
2.3.267 Nursing Homes 168
2.3.268 Office Supplies and Stationery Stores 168
2.3.269 Oil, Gas, and Mining Exploration Services 169
2.3.270 Oils and Fats 169
2.3.271 Operations Management Services 170
2.3.272 Ophthalmic Goods Manufacturing 170
2.3.273 Optical Goods and Eye Care Products 171
2.3.274 Oral Drug Delivery Systems 171
2.3.275 Orange Juice 172
2.3.276 OTC Healthcare Products 172
2.3.277 Outerwear Clothing and Accessories 173
2.3.278 Outsourcing Services 173
2.3.279 Ovens and Stoves 174
2.3.280 Over-The-Counter Drugs 174
2.3.281 Packaging and Labeling Services 175
2.3.282 Paid Internet Search Advertising 175
2.3.283 Paint and Wallpaper Stores 176
2.3.284 Parking Lots, Garages, and Valet Parking Services 176
2.3.285 Passenger Transportation 177
2.3.286 Passive Components 177
2.3.287 Pasta and Noodles 178
2.3.288 Periodicals 178
2.3.289 Perishable Prepared Foods Manufacturing 179
2.3.290 Permanent Employment Services 179
2.3.291 Personal Stationery 180
2.3.292 Pet Care Products 180
2.3.293 Pharmacies and Drug Stores 181
2.3.294 Phosphatic Fertilizer Manufacturing 181
2.3.295 Physicians Services 182
2.3.296 Pizzas 182
2.3.297 Plant Bread 183
2.3.298 Plumbing Products 183
2.3.299 Pollution Control Equipment and Services 184
2.3.300 Port and Shipbuilding Equipment 184
2.3.301 Potato Chips 185
2.3.302 Poultry Products 185
2.3.303 Precious Metal Jewelry and Personal Articles 186
2.3.304 Prefabricated Metal Buildings 186
2.3.305 Prerecorded Tape, Compact Disc, and Record Stores 187
2.3.306 Prescription Eyeglass Frames 187
2.3.307 Presentation Materials 188
2.3.308 Primary Metal Industries 188
2.3.309 Printed Circuit Boards 189
2.3.310 Printers 189
2.3.311 Printing Special Business Forms and Checkbooks 190
2.3.312 Private Residential Construction 190
2.3.313 Professional Computer Services 191
2.3.314 Programmable Logic Devices 191
2.3.315 Property and Casualty Insurance 192
2.3.316 Public Residential Construction 192
2.3.317 Publishing Advertising 193
2.3.318 Pubs, Clubs, and Nightclubs 193
2.3.319 Pulmonary Drug Delivery Systems 194
2.3.320 Pulp Mills 194
2.3.321 Radio and Television Broadcasting 195
2.3.322 Railroad Freight Services 195
2.3.323 Ready Pasta 196
2.3.324 Real Jewelry 196
2.3.325 Reconstituted Wood Products 197
2.3.326 Recorded Music 197
2.3.327 Recreational Vehicle Dealers 198
2.3.328 Red Meat 198
2.3.329 Refrigeration Appliances 199
2.3.330 Regional Newspapers 199
2.3.331 Relays and Industrial Controls 200
2.3.332 Remediation Services 200
2.3.333 Rendering Animal Fat, Bones, and Meat Scraps 201
2.3.334 Replacement Tires for Cars and Light Vans 201
2.3.335 Residential Construction 202
2.3.336 Residual Fuel Oil 202
2.3.337 Retail Logistics 203
2.3.338 Retirement Savings Plans 203
2.3.339 Root Vegetables 204
2.3.340 Sanitary Protection Products 204
2.3.341 Sauces, Salad Dressings, and Condiments 205
2.3.342 Savory Snacks 205
2.3.343 Sawmills 206
2.3.344 School Food Service 206
2.3.345 Scrap Recycling 207
2.3.346 Screw Machine Products 207
2.3.347 Secondary Smelting and Alloying of Aluminum 208
2.3.348 Security and Commodity Brokers and Dealers 208
2.3.349 Services 209
2.3.350 Sewing, Needlework, and Piece Goods Stores 209
2.3.351 Shellfish 210
2.3.352 Ship Building and Repairing 210
2.3.353 Skin Care Products 211
2.3.354 Slaughtering Animals Excluding Poultry 211
2.3.355 Sliced Cooked Meat 212
2.3.356 Socks, Stockings, and Tights 212
2.3.357 Soup 213
2.3.358 Spice and Extract Manufacturing 213
2.3.359 Sporting Goods Retailers 214
2.3.360 Sports and Energy Drinks 214
2.3.361 Spreads and Margarines 215
2.3.362 Stationary Bicycles 215
2.3.363 Steel Mill Products 216
2.3.364 Still Bottled Water 216
2.3.365 Storage Battery Manufacturing 217
2.3.366 Sugar Candy 217
2.3.367 Support Activities for Air Transportation 218
2.3.368 Surface Cleaners 218
2.3.369 Switchgear and Switchboard Apparatus 219
2.3.370 Synthetic Rubber 219
2.3.371 Taxicabs 220
2.3.372 Telecommunications Equipment 220
2.3.373 Television Broadcasting 221
2.3.374 Temporary Employment Services 221
2.3.375 Testing Laboratories 222
2.3.376 Textile Fabrics 222
2.3.377 Tobacco Products 223
2.3.378 Toy Stores 223
2.3.379 Traditional Toys 224
2.3.380 Transformers 224
2.3.381 Transportation Equipment 225
2.3.382 Travel Trailer and Camper Manufacturing 225
2.3.383 Truck Trailer Manufacturing 226
2.3.384 Ultra Disposable Diapers 226
2.3.385 Underwear, Nightwear, and Swimwear 227
2.3.386 Underwire Bras 227
2.3.387 Unleaded Gasoline 228
2.3.388 Upholstered Household Furniture Manufacturing 228
2.3.389 Used Car Dealers 229
2.3.390 Utilities 229
2.3.391 Valves and Pipe Fittings 230
2.3.392 Vegetarian Foods 230
2.3.393 Venture Capital 231
2.3.394 Vodka 231
2.3.395 VoIP Telephone Service 232
2.3.396 Washing Machines 232
2.3.397 Watches 233
2.3.398 Water Utilities 233
2.3.399 Weft Knit Fabric Mills 234
2.3.400 Welding and Soldering Equipment Manufacturing 234
2.3.401 Whiskey 235
2.3.402 White Bread 235
2.3.403 Whole Chicken Poultry 236
2.3.404 Wine 236
2.3.405 Wineries 237
2.3.406 Wireless Communication Services 237
2.3.407 Wiring Devices 238
2.3.408 Women’s Apparel and Accessories 238
2.3.409 Womenswear and Lingerie 239
2.3.410 Wood Preservation 239
2.3.411 Wool Yarn 240
2.3.412 Workers Compensation Insurance 240
2.3.413 Yarn Spinning Mills 241
2.3.414 Yellow Fats 241
2.3.415 Definition of Terms 242
3 TRADE INDICATORS: IMPORTS INTO THE FAROE ISLANDS 281
3.1 Introduction & Methodology 281
3.2 Summary of Imports into Faroe Islands 282
3.3 Import Details 291
3.3.1 Albuminoidal Substances, Modified Starches, and Glues 291
3.3.2 Aluminum Structures and Parts of Structures 291
3.3.3 Amino-Resins, Phenolic Resins and Polyurethanes in Primary Forms 291
3.3.4 Animal and Vegetable Oils, Fats, and Waxes 292
3.3.5 Animal Feed Made from Meat, Meat Offal, Fish, Crustaceans, Mollusks, or Aquatic Invertebrates 292
3.3.6 Apparel and Clothing Accessories Made of Plastics or Vulcanized Rubber Excluding Hard Rubber 292
3.3.7 Automatic Regulating or Controlling Instruments and Apparatus 293
3.3.8 Babies Garments and Clothing Accessories of Textile Fabrics 293
3.3.9 Bakery Mixes and Doughs for the Preparation of Bread, Pastry, Cakes, and Biscuits 293
3.3.10 Batteries, Electric Accumulators, and Their Parts 294
3.3.11 Bed, Table, Toilet, and Kitchen Linens 294
3.3.12 Beer and Malt Beverages 294
3.3.13 Beverages and Tobacco 295
3.3.14 Builders Plastic Wares 295
3.3.15 Builders Wood Carpentry and Joinery 296
3.3.16 Candles, Matches, Pyrophoric Alloys, Articles of Combustible Materials, and Smokers Requisites 296
3.3.17 Ceramic Statuettes and Other Ornamental Ceramic Articles 296
3.3.18 Ceramic Tableware, Kitchenware and Other Ceramic Household or Toilet Articles 297
3.3.19 Cereal Groats, Meal, and Pellets Excluding Those Made from Wheat 297
3.3.20 Childrens Toys and Indoor Games 297
3.3.21 Cigarettes 298
3.3.22 Cold-Rolled Stainless Steel Flat-Rolled Products 298
3.3.23 Color Television Receivers, Video Monitors, and Projectors 298
3.3.24 Common Salt, Rock Salt, Sea Salt, Sea Water, and Pure Sodium Chloride 299
3.3.25 Concentrated or Sweetened Milk and Cream 299
3.3.26 Copper Tubes, Pipes, and Tube or Pipe Fittings 299
3.3.27 Cosmetic Preparations for the Hair Including Shampoos 300
3.3.28 Cut Flowers and Foliage 300
3.3.29 Dairy Products 300
3.3.30 Data Processing Input or Output Units 301
3.3.31 Densified Wood and Reconstituted Wood 301
3.3.32 Digital Processing Units Which May Contain Storage Units, Input Units, or Output Units 302
3.3.33 Electric Motors with Output Exceeding 37.5 w and AC Generators 302
3.3.34 Electrical Transformers 302
3.3.35 Electro-Diagnostic Equipment 303
3.3.36 Electromechanical Hand Tools with Self-Contained Electric Motors and Parts Thereof 303
3.3.37 Fans and Cooker Hoods with Fans 303
3.3.38 Fiberboard of Wood or Other Ligneous Materials 304
3.3.39 Filtering and Purifying Machinery for Liquids or Gases 304
3.3.40 Fireworks, Signaling Flares, Rain Rockets, Fog Signals and Other Pyrotechnic Articles 304
3.3.41 Fixed Line Telephone and Telegraph Equipment 305
3.3.42 Float Glass and Surface Ground or Polished Glass in Sheets 305
3.3.43 Food and Live Animals 306
3.3.44 Fresh Apples 307
3.3.45 Fresh or Chilled Beef 307
3.3.46 Fresh or Chilled Potatoes 307
3.3.47 Fresh or Chilled Whole Fish 308
3.3.48 Fresh or Dried Bananas and Plantains 308
3.3.49 Fresh or Dried Grapes 308
3.3.50 Fresh or Dried Oranges, Mandarins, Clementines, and Other Citrus Fruit 309
3.3.51 Fresh, Preserved, or Cooked Birds Eggs in Shells 309
3.3.52 Frozen Beef 309
3.3.53 Frozen Crustaceans 310
3.3.54 Frozen Fish Excluding Fillets 310
3.3.55 Gas, Liquid, or Electricity Supply or Production Meters and Calibrating Meters 310
3.3.56 Glassware for Table, Kitchen, Toilet, Office, and Indoor Decoration 311
3.3.57 Glycosides, Glands or Other Organs and Extracts, Antisera, Vaccines, and Similar Products 311
3.3.58 Gravel and Crushed Stone 311
3.3.59 Green or Dry Hay and Fodder 312
3.3.60 Hand Tools, Pneumatic Tools, Tools with Self-Contained Non-Electric Motors, and Their Parts 312
3.3.61 Household Dishwashing Machines 312
3.3.62 Household Refrigerators and Food Freezers 313
3.3.63 Imitation Jewelry 313
3.3.64 Industrial Refrigerators, Freezers, and Other Refrigeration and Freezing Equipment and Parts 313
3.3.65 Inedible Crude Materials Excluding Fuels 314
3.3.66 Internal Combustion Piston Engines for Marine-Propulsion 314
3.3.67 Iron and Steel Angles, Shapes, Sections (Excluding Rails), and Sheet Piling 315
3.3.68 Iron and Steel Chain and Chain Parts 315
3.3.69 Iron and Steel Seamless Tubes, Pipes, and Hollow Profiles 315
3.3.70 Iron and Steel Tube and Pipe Fittings 316
3.3.71 Iron or Steel Screws, Bolts, Nuts, Screw Hooks, Rivets, Washers, and Similar Articles 316
3.3.72 Iron or Steel Structures and Parts of Structures 316
3.3.73 Iron, Steel, or Copper Non-Electric Domestic Cooking or Heating Equipment and Parts 317
3.3.74 Jams, Jellies, and Marmalades Excluding Homogenized Preparations 317
3.3.75 Knitted or Crocheted Jerseys, Pullovers, Cardigans, Waistcoats, and Similar Articles 318
3.3.76 Knitted or Crocheted Panty Hose, Tights, Stocking, Socks, and Hosiery 318
3.3.77 Linoleum and Linoleum-Type Floor Coverings 319
3.3.78 Liquefied Propane 319
3.3.79 Machinery and Transport Equipment 320
3.3.80 Malt and Malt Flour 321
3.3.81 Manufactured Goods 322
3.3.82 Manufactures of Wood for Domestic or Decorative Use Excluding Furniture 323
3.3.83 Margarine and Edible Preparations of Animal or Vegetable Fats or Oils 323
3.3.84 Medicaments Containing Antibiotics or Their Derivatives 323
3.3.85 Mens and Boys Shirts of Woven Textile Materials 324
3.3.86 Mens and Boys Suit Jackets and Blazers of Woven Textile Materials 324
3.3.87 Mens and Boys Trousers, Bib and Brace Overalls, Breeches, and Shorts of Woven Textile Materials 324
3.3.88 Mineral Fuels, Lubricants, and Related Materials 325
3.3.89 Mollusks 325
3.3.90 Motor Vehicles for Transport of Goods and Materials 326
3.3.91 Motorcycles, Mopeds, and Cycles with Auxiliary Motors and Their Sidecars 326
3.3.92 Natural Sands 327
3.3.93 New Pneumatic Rubber Tires for Buses and Trucks 327
3.3.94 New Pneumatic Rubber Tires for Cars, Station Wagons, and Racing Cars 328
3.3.95 Newspapers, Journals, and Periodicals 328
3.3.96 Newsprint in Rolls or Sheets 328
3.3.97 Nitrogenous Minerals and Chemical Fertilizers 329
3.3.98 Non-Refractory Ceramic Bricks, Tiles, and Pipes 329
3.3.99 Offset Printing Machinery 329
3.3.100 Oral or Dental Hygiene Preparations and Denture Fixative Pastes and Powders 329
3.3.101 Orange Juice 330
3.3.102 Painted, Varnished, or Plastic-Coated Iron and Non-Alloy Steel Flat-Rolled Products 330
3.3.103 Paper and Paperboard Boxes, Bags, and Cartons, Cases, and Packing Containers 330
3.3.104 Parts and Accessories for Office Machines and Automatic Data Processing Machines 331
3.3.105 Parts and Accessories for Telecommunication and Sound Recording or Reproducing Equipment 332
3.3.106 Parts of Centrifuges, Centrifugal Dryers, and Filtering and Purifying Machinery 332
3.3.107 Parts of Pumps for Liquids and Liquid Elevators 333
3.3.108 Pens, Pencils, and Fountain Pens 333
3.3.109 Pharmaceutical Goods Excluding Medicaments 333
3.3.110 Phosphinates (Hypophosphites), Phosphonates (Phosphites), Phosphates, and Polyphosphates 334
3.3.111 Plastic Fittings for Tubes, Pipes, and Hoses Including Joints, Elbows, and Flanges 334
3.3.112 Plastic Floor, Wall, or Ceiling Coverings and Plastic Household and Toilet Articles 335
3.3.113 Plastic Stoppers, Lids, Caps, Closures, and Articles for the Conveyance or Packing of Goods 335
3.3.114 Plywood with Each Ply Not Over 6 mm Thick 336
3.3.115 Polyethylene in Primary Forms 336
3.3.116 Polystyrene in Primary Forms 336
3.3.117 Portland Cement, Aluminous Cement, Slag Cement, Supersulfate Cement, and Similar Hydraulic Cements 337
3.3.118 Prefabricated Buildings 337
3.3.119 Printed Books, Pamphlets, Maps, and Globes Excluding Advertising Material 337
3.3.120 Processed Cheese in Solid Form 338
3.3.121 Propellent Powders and Other Prepared Explosives 338
3.3.122 Public Transportation Motor Vehicles with a Capacity of At Least 10 Persons 338
3.3.123 Recorded Magnetic Tapes 338
3.3.124 Rigid Plastic Tubes, Pipes, and Hoses 339
3.3.125 Roasted Coffee 339
3.3.126 Rolls and Sheets of Paper and Paperboard 339
3.3.127 Rough or Roughly Squared Wood Treated with Paint, Stains, or Other Preservatives 339
3.3.128 Safety Fuses, Detonating Fuses, Percussion or Detonating Caps, Igniters, and Electric Detonators 340
3.3.129 Sauces, Seasonings, and Condiments Including Preparations of Mustard and Vinegar 340
3.3.130 Sawn, Chipped, Sliced, or Peeled Coniferous Wood over 6 Millimeters Thick 340
3.3.131 Sawn, Chipped, Sliced, or Peeled Non-Coniferous Wood over 6 Millimeters Thick 341
3.3.132 Self-Propelled Mechanical Shovels, Excavators, and Shovel-Loaders 341
3.3.133 Soap and Organic Surface-Active Products Used and Soap 341
3.3.134 Sound and Video Recording or Reproducing Apparatus 342
3.3.135 Soups, Broths, and Preparations Thereof 342
3.3.136 Special Transactions and Commodities Not Classified by Kind 343
3.3.137 Sporting Goods 344
3.3.138 Sports Footwear 344
3.3.139 Starches, Inulin, and Wheat Gluten 344
3.3.140 Stationary Envelopes, Letter Cards, Plain, Boxes, and Wallets Made of Paper or Paperboard 345
3.3.141 Sugar Confectionery Excluding Cocoa Products 345
3.3.142 Synthetic Filament Tow 345
3.3.143 Synthetic Organic Coloring Matter and Its Preparations 346
3.3.144 Tea 346
3.3.145 Tempered or Laminated Safety Glass 346
3.3.146 Textile Sacks and Bags 346
3.3.147 Textile-Covered Rubber Thread and Cord 347
3.3.148 Trailers and Semi-Trailers for the Transport of Goods 347
3.3.149 Tubes, Pipes, and Hoses of Unhardened Vulcanized Rubber 347
3.3.150 Tufted Carpets and Other Textile Floor Coverings 348
3.3.151 Twine, Cordage, Rope, and Cable 348
3.3.152 Uncooked, Unprepared Pasta 348
3.3.153 Untreated, Rough or Roughly Squared Coniferous Wood 349
3.3.154 Vegetable and Fruit Juices Excluding Those Made from Citrus Fruits 349
3.3.155 Wheat or Meslin Flour 349
3.3.156 Wheelchairs and Their Parts 350
3.3.157 Wine Made from Fresh Grapes or Grape Must 350
3.3.158 Wire Cloth, Grill, Netting, Fencing, and Expanded Metal of Iron, Steel, or Copper 350
3.3.159 Womens and Girls Jackets and Blazers 351
3.3.160 Womens and Girls Blouses, Shirts, and Shirt-Blouses of Knitted or Crocheted Textile Fabrics 351
3.3.161 Womens and Girls Skirts and Divided Skirts of Woven Textile Fabrics 351
3.3.162 Womens and Girls Trousers, Bib and Brace Overalls, Breeches, and Shorts of Woven Textile Fabrics 352
3.3.163 Worked Aluminum and Aluminum Alloys 352
3.3.164 Worked or Shaped Coniferous Wood 352
3.3.165 Worked or Shaped Non-Coniferous Wood 353
3.3.166 Yachts and Other Vessels for Pleasure or Sports Including Rowing Boats and Canoes 353
3.3.167 Yarn Made of Wool or Animal Hair 353
3.3.168 Yeast and Prepared Baking Powders 353
4 TRADE INDICATORS: EXPORTS FROM THE FAROE ISLANDS 354
4.1 Introduction & Methodology 354
4.2 Summary of Exports from Faroe Islands 355
4.3 Export Details 357
4.3.1 Animal and Vegetable Oils, Fats, and Waxes 357
4.3.2 Animal Feed Made from Meat, Meat Offal, Fish, Crustaceans, Mollusks, or Aquatic Invertebrates 357
4.3.3 Builders Plastic Wares 357
4.3.4 Childrens Toys and Indoor Games 358
4.3.5 Dried, Brined, or Salted Fish 358
4.3.6 Dried, Smoked, Salted, or Brined Fish Liver and Roes 358
4.3.7 Ferrous Metal Waste and Scrap Excluding Waste and Scrap of Cast Iron and Alloy Steel 359
4.3.8 Food and Live Animals 360
4.3.9 Fresh and Chilled Fish Fillets 361
4.3.10 Fresh or Chilled Crustaceans Including Flours, Meals, and Pellets Thereof for Human Consumption 361
4.3.11 Fresh or Chilled Whole Fish 362
4.3.12 Frozen Crustaceans 362
4.3.13 Frozen Fish Excluding Fillets 363
4.3.14 Frozen Fish Fillets 364
4.3.15 Gas, Liquid, or Electricity Supply or Production Meters and Calibrating Meters 364
4.3.16 Inedible Crude Materials Excluding Fuels 365
4.3.17 Iron or Steel Structures and Parts of Structures 365
4.3.18 Knitted or Crocheted Jerseys, Pullovers, Cardigans, Waistcoats, and Similar Articles 365
4.3.19 Lubricating Preparations Containing Less Than 70% by Weight of Petroleum or Bituminous Mineral 366
4.3.20 Machinery and Transport Equipment 366
4.3.21 Manufactured Goods 367
4.3.22 Mineral Fuels, Lubricants, and Related Materials 367
4.3.23 Mollusks 367
4.3.24 Motor Vehicles for Transport of Goods and Materials 368
4.3.25 Parts and Accessories for Office Machines and Automatic Data Processing Machines 368
4.3.26 Plastic Stoppers, Lids, Caps, Closures, and Articles for the Conveyance or Packing of Goods 368
4.3.27 Public Transportation Motor Vehicles with a Capacity of At Least 10 Persons 368
4.3.28 Rags and Worn Textile Articles Including Clothing 369
4.3.29 Salted or Brined Fish 369
4.3.30 Self-Propelled Mechanical Shovels, Excavators, and Shovel-Loaders 369
4.3.31 Silicon-Electrical Steel Flat-Rolled Products 369
4.3.32 Smoked Fish 370
4.3.33 Soap and Organic Surface-Active Products Used and Soap 370
4.3.34 Special Transactions and Commodities Not Classified by Kind 370
4.3.35 Sporting Goods 370
4.3.36 Styrene in Primary Forms Excluding Polystyrene 371
4.3.37 Thermocopying Equipment or Photocopying Equipment with Optical and Contact-Type Systems 371
4.3.38 Trailers and Semi-Trailers for the Transport of Goods 371
4.3.39 Twine, Cordage, Rope, and Cable 371
4.3.40 Waste and Scrap of Alloy Steel 372
4.3.41 Waste and Scrap of Cast Iron 372
4.3.42 Waste and Scrap of Paper or Paperboard 372
4.3.43 Woven Fabrics Containing 85% Wool and Fine Animal Hair 372
4.3.44 Yachts and Other Vessels for Pleasure or Sports Including Rowing Boats and Canoes 373
5 DISCLAIMERS, WARRANTEES, AND USER AGREEMENT PROVISIONS 374
5.1 Disclaimers & Safe Harbor 374
5.2 ICON Group International, Inc. User Agreement Provisions 375
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