World Economy

North Korea Trade Volume Shrinks 15%

North Korea Trade Volume Shrinks 15%North Korea Trade Volume Shrinks 15%

North Korea’s trade volume shrank 15% on-year in 2017 due largely to the implementation of strong international sanctions, KBS reported. In a report released on Monday, the Korea Trade-Investment Promotion Agency said the North’s trade volume, excluding inter-Korean trade, amounted to $5.5 billion last year. According to the report, the North’s exports slipped more than 37% to roughly $1.8 billion during the same period, while imports grew 1.8% to amount to nearly $3.8 billion. As a result, the North posted a trade deficit of $2 billion, or two times larger than $890 million posted in 2016. The trade agency assessed that the decline in the North’s overall trade volume resulted from the international community’s implementation of UN Security Council resolutions sanctioning the North in response to the regime’s nuclear and missile tests.



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