The Korea Trade and Investment Promotion Agency (KOTRA) released today’s “2018 North Korea Foreign Trade Trends” report shows that North Korea’s total foreign trade (excluding North and South Korea trade) decreased by 48.8% in 2018 compared with 2017. , for $2.84 billion.
South Korea’s joint news agency reported that since the North Korean Council’s chairman Kim Jong-un was in power, North Korea’s foreign trade total fell to less than $3 billion for the first time.
The analysis believes that the UN Security Council’s sanctions against North Korea are the main reason for the sharp decline in North Korea’s total foreign trade.
In August and September 2017, the UN Security Council successively passed resolutions 2371 and 2375 on North Korea sanctions, prohibiting UN member states from importing coal, iron ore, aquatic products, textiles and clothing products from North Korea. In December of the same year, the Security Council also completely banned member countries from exporting industrial machinery and transportation equipment to North Korea.
According to the data, North Korea’s exports in 2018 decreased by 86.3% from 2017 to 240 million U.S. dollars, and total imports decreased by 31.2% from 2017 to 2.6 billion U.S. dollars. The trade deficit was 2.36 billion U.S. dollars, an increase of 17.5% over 2017.
The bilateral trade volume between North Korea and China decreased by 48.2% from 2017 to US$2.72 billion. North Korea’s trade deficit with China was 2.33 billion US dollars, an increase of 19.2% over 2017. Despite this, China remains the largest trading partner of North Korea. In North Korea’s foreign trade, North Korea and China accounted for the highest share of history in history, with 95.8%, followed by Russia, India and Pakistan.
According to the data, from the perspective of import and export categories, the export of mineral fuels, clothing and aquatic products decreased by nearly 100%, the export of edible fruit nuts also decreased by 94.5% compared with 2017; the exports of watches and wigs increased by 153.37% and 159.3 respectively. %.
The largest import of North Korean products is mineral oil, accounting for 13.7% of total imports; electronic products, boilers and machinery are reduced by 97.6% and 96.9% respectively. With the overall scale of imports shrinking, the import of animal and vegetable oils and fertilizers imported from China increased by 27.9% and 132% respectively compared with 2017.