North Korea Now

Home > North Korea Now > News

Inter-Korean Trade Stopped Since Shutdown of Gaeseong Complex

News2017-03-20
Inter-Korean Trade Stopped Since Shutdown of Gaeseong Complex

Trade and exchanges between the two Koreas have effectively stopped since South Korea shut down a joint industrial park in North Korea in February last year.
 
According to a white paper issued by the Unification Ministry on Monday, the value of inter-Korean trade reached 333 million U.S. dollars last year, the lowest amount since 1999.
 
South Korea's shipments to the North marked 147 million dollars, while the value of North Korean products shipped to the South posted 186 million dollars.
 
Most of the trade was recorded before February tenth of last year, when Seoul closed down the Gaeseong Industrial Complex following the North’s fourth nuclear test and long-range missile launch.
 
Excluding bilateral trade through the industrial park, processing-on-commission trade and general trade between the two Koreas have been suspended since 2011 when Seoul imposed economic sanctions against the North following the North's torpedoing of the Cheonan naval vessel in 2010.

Latest News