DPRK-PRC trade shoots up 25%
Instutite for Far Eastern Studies (IFES)
NK Brief No. 08-8-28-1
8/28/2008
Recently published Chinese customs statistics reveal that trade between North Korea and China in the first half of 2008 was 1.151 billion USD, 25 percent higher than in the same period last year.
Exports were up 13.5 percent at 330 million USD, while imports grew by 31.1 percent to 820 million USD. This means that the trade deficit for this period, 491 million USD, was 44.1 percent greater than the first half of 2007.
Mining topped the list of North Korean export industries, with 118 million USD worth of ores exported to China making up 36.2 percent of all goods sent across the border. Exports included 71 million USD worth of fossil fuel, 39 million USD worth of steel, 30 million USD in clothing, and 9 million USD in aluminum. On the other hand, Chinese goods imported by the North included 302 million USD in fossil fuels, making up 36.9% of all imports. 68 million USD in machinery, 37 million USD in electronics, 30 million USD in food, and 30 million USD worth of vehicles (excluding trains) were also brought in.
Mining exports were up 69.4 percent over the first half of 2007, making up the largest part of the increase in exports. The rising international price on natural resources was a factor in the North’s increase in exports of iron ore. The 68.1 percent rise in the import of fossil fuels, on the other hand, made up the largest share of the increase in imports, and this can also be attributed to the increase in global fuel prices.
