Last Year North Korea's Trade Volume 3.8 Trillion Won... Recovery to Pre-COVID Levels

KOTRA '2023 North Korea Foreign Trade Trends' Report
China Share 98%... Highest Since Kim Jong-un Took Power

North Korea's foreign trade volume last year recovered to pre-COVID-19 pandemic levels. Its dependence on China exceeded 98%, marking the highest level since Kim Jong-un took power.

North Korean Supreme Leader Kim Jong-un is delivering a speech during a congratulatory visit to Kim Il-sung Military University on April 25, marking the 92nd anniversary of the founding of the Korean People's Revolutionary Army.
[Photo by Yonhap News]

On the 21st, KOTRA released a report titled "2023 North Korea Foreign Trade Trends" containing these details.

North Korea's foreign trade volume last year was $2.76912 billion (approximately 3.85 trillion KRW), a 74.6% increase compared to the previous year. KOTRA explained, "With the end of the global pandemic and the easing of border closure policies, both exports and imports increased, expanding North Korea's foreign trade volume."

Last year, North Korea's exports amounted to $325.17 million (approximately 451 billion KRW), up 104.5% from the previous year, while imports reached $2.44395 billion (approximately 3.4 trillion KRW), up 71.3%. The trade deficit was $2.11878 billion (approximately 2.94 trillion KRW), increasing by 67.1% year-on-year. KOTRA stated, "This is presumed to be due to the base effect after COVID-19 and increased trade with China."

Trade with China, North Korea's largest trading partner last year, increased by 77.6% year-on-year to $2.7211 billion (approximately 3.8 trillion KRW). China's share of North Korea's total trade expanded to 98.3%, up from 96.7% the previous year. Dependence on trade with China reached its highest level since Kim Jong-un assumed power. Following China, Vietnam, India, Mozambique, and Austria ranked among North Korea's top five trading partners.

The largest export item, prepared animal hair and down (such as wigs and artificial flowers), increased by 1332.5% year-on-year to $167.66 million (approximately 230 billion KRW). The second-largest item, steel, rose 23.4% to $34.37 million (approximately 48 billion KRW), while the third-largest, minerals (ores, slag, and ash), decreased by 25.7% to $33.12 million (approximately 46 billion KRW).

A KOTRA official said, "Last year, the share of trade with China in North Korea's foreign trade reached an all-time high," adding, "We will monitor whether trade with other regions expands."