NK's trade reliance on China hits 10

2024-05-19 21:26:12      点击：572

North Korean and Chinese flags fly on Kim Il Sung square in Pyongyang in this June 19, 2019 photo. AFP-Yonhap

North Korea's dependency on China for foreign trade hit its highest level in 2022 since its leader Kim Jong-un took the helm of the reclusive country 10 years earlier, a report showed Thursday.

Pyongyang's trade with Beijing came to US$1.53 billion last year, up about 125 percent from the previous year, according to the report from the Korea Trade-Investment Promotion Agency (KOTRA).

The amount took up 96.7 percent of North Korea's overall trade, up from 95.6 percent a year earlier.

Exports stood at $134 million and imports reached $1.398 billion, with its trade deficit rising to $1.27 billion from a $565 million shortfall.

The jump in North Korea's trade with its top trading partner was attributed to softened COVID-19 restrictions and increased railroad trade between the neighbors.

Vietnam ranked second with 1 percent, with Argentina, Nigeria and the Netherlands among the other trading nations.

The report also showed that North Korea's overall external trade reached $1.59 billion in 2022, up a whopping 122.3 percent from a year earlier.

Overseas shipments surged 94 percent on-year to $159 million, with imports spiking 126 percent to $1.43 billion. Its trade deficit widened sharply to $1.27 billion last year from a deficit of $549 million a year earlier.

Minerals were North Korea's top export item in 2022, with their exports shooting up 7,281 percent to around $4.5 million. Crude and other oil products were the No. 1 import good at $520 million, which accounted for 36.4 percent of its total imports.

A KOTRA official said North Korea's trade with China is expected to expand further this year, given a 270 percent jump in bilateral trade in the first five months of the year. (Yonhap)