North Korea’s trade with China jumped about 28 percent during the first five months of this year, a state-run think tank here said Friday, proving the North’s heavy reliance on its neighboring ally on the economic front.
According to the data by the Korea Development Institute, the two allies’ trade came to US$2.51 billion during the January-May period, up 27.9 percent from the same period a year earlier.
The North’s exports to China totaled $1.05 billion during the cited period, up 29 percent from a year earlier. Its imports also grew 27.1 percent on-year to $1.46 billion over the cited period.
This resulted in $410 million in trade deficit for the North.
China accounted for 89.1 percent of the North’s total trade volume ― excluding trade with South Korea ― last year, which is much higher than the 52.6 percent tallied in 2005.
This year’s growth stemmed mostly from the North’s expanded exports of anthracite coal, which jumped 58.2 percent on-year to
$613.76 million, the report showed.
Anthracite is the North’s leading export item. It accounted for about 50 percent of shipments to China in recent months.
The North imported $364.45 million worth of energy products.
including crude oil, from China, the largest sector of imported goods from the country. Machinery came next at $132.48 million, the report showed. (Yonhap News)