Business & Economy

North Korea-China trade plunges 99.4 pct year-on-year in October

Seoul, Dec 10 (efe-epa).- Trade between North Korea and China plunged to a record low in October due to the border closure put in place by Pyongyang to prevent the spread of Covid-19 in the country, the Korea International Trade Association reported on Thursday.

Exports and imports between the two countries in the tenth month of 2020 totaled $1.7 million, down 99.4 percent year-on-year and a drop of 92 percent compared to September, according to a report published by KITA.

Specifically, exports from North Korea to China, its largest trading partner, fell by 91.5 percent, to $1.4 million dollars, while imports plunged 99.9 percent to just $300,000, according to the details collected by the South Korean news agency Yonhap.

In the first 10 months of 2020, bilateral trade between the countries fell by 76 percent year-on-year.

“North Korea seems to have virtually halted its trade with China as it further tightened its border control in the runup to the Oct. 10 anniversary of the ruling Workers’ Party of Korea,” the report said.

Since the beginning of the year, North Korea has kept its border with China sealed shut to try to contain the entry of Covid-19 into the country, and claims that the nation is still virus-free.

The border remained closed throughout November and it is expected to remain that way at least until January, KITA indicated.

The association predicts that trade between North Korea and China will decline more than 80 percent over the entirety of 2020. EFE-EPA


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