[THE INVESTOR] North Korea’s dependence on China for international trade has tripled to over 90 percent since 2000, a report showed on June 21.
According to a report by Hyundai Research Institute, North Korea’s trade with China is estimated to be US$5.71 billion, accounting for 91.3 percent of Pyongyang’s US$6.25 billion trade in 2015. The figure of US$5.71 billion includes HRI’s estimate of Pyongyang’s crude oil imports from China.
Pyongyang, North Korea. Young Pioneer
The trade dependence figure of 91.3 percent is more than three times higher than the 24.8 percent recorded in 2000, the think-tank said.
In terms of value, North Korea-China trade has increased 12-fold over the same period from US$488 million in 2000 to US$6.25 billion last year.
The report attributed the rise in trade dependence to the fact that inter-Korean economic projects have fallen on difficulties, while the international community has imposed tougher sanctions on the hermit nation.
The report showed that North Korea’s exports to China have grown at a much higher rate than imports. In 2000, North Korea’s China-bound exports came in at US$40 million, accounting for 6.7 percent of its overall exports. In 2015, the value of exports reached US$248 million, accounting for 92.1 percent of the total.
In comparison, imports from China grew from US$450 million -- 31.9 percent of total imports -- to US$2.95 billion, 77.6 percent of the total.
By Choi He-suk (
cheesuk@heraldcorp.com)