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N.Korea’s Trade Volume with China Surges

Written: 2011-05-27 14:16:02Updated: 2011-05-27 17:42:45

N.Korea’s Trade Volume with China Surges

South Korea's Korea Trade-Investment Promotion Agency says that North Korea’s trade volume in 2010, aside from that with South Korea, increased 22-point-three percent, to four-point-17 billion dollars.

This is the highest mark since the agency began keeping statistics in 1990.

North Korea exported 42-percent more year-on-year at one-point-five billion dollars, while it imported 13-point-two percent at two-point-66 billion dollars, posting a trade deficit of one-point-15 billion dollars.

The communist nation’s largest trading partner was China. Its trade volume with China increased 29-percent from the year before to stand at three-point-47 billion dollars.

Inter-Korean trade volume also increased 13-point-nine percent, fueled by increased production volume at the Gaeseong Industrial Complex.

When including inter-Korean trade, North Korea’s trade volume has increased by as much as 19-point-five percent in one year.

Experts say this rise in trade volume is owed to North Korea’s increased exports of primary products including minerals and steel, since the international community has sanctions in place on many other products. In addition, North Korea’s crude oil imports increased due to a rise in international oil prices.

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