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  • 1H North Korea-China Trade Rose 15.5% YoY
    2019-08-08 hit 285

    1H North Korea-China Trade Rose 15.5% YoY

     

    - It decreased in January~February but started to soar in March North Korea’s trade dependence on China is intensifying -

     

    It appears that the trade volume between North Korea and China increased by 15.3 percent in the first half of this year compared to the same period last year. 

     

    According to the report titled ‘Trends in North Korea-China Trade and Implications of the First Half of 2019' issued by the Korea International Trade Association (Chairman, Kim Young-Ju) on August 9th, North Korea's exports to China from January to June were 105 million dollars and its imports were 1.145 billion dollars, increased by 14 percent and 15.5 percent respectively year-on-year. 

     

    Trade volume between North Korea and China rose 8.8 percent and 4.5 percent year-on-year in January and February, and soared to 38.1 percent and 39.3 percent in March and April. Its upward trend continued in May (19.1%) and June (8.7%).

     

    The main items that North Korea imported from China were soybean oil, flour, fruits, seafood, watch parts, fertilizers, and textiles. Export products to China were mainly watches, wigs, tungsten and molybdenum.

     

    The report pointed out "Due to UN Security Council sanctions on major export products, such as coal and clothing, North Korea is increasing its exports of non-sanctioned items but they are not enough to replace the sanctioned items." The report also elaborated, North Korea where foreign currency supply is difficult due to sanctions has a structure that trade deficit increases when its trade to China increases. North Korea’s increased trade with China means increased demand for lifting sanctions.

     

    An official at the Korea International Trade Association said, Despite the international sanctions against North Korea, trade between North Korea and China continues focusing on non-sanctioned items for geopolitical reasons. If sanctions are relaxed while the trade between North Korea and China is increasing this year, North Korea's economic dependence on China could be more intensified due to the rapid economic cooperation between North Korea and China.

     


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