Swiss Beaten by Bukhansan Wristwatch... Bukhansan Watches Sold in China Priced at Only 11 Cents

Product Prices Are Only One-Tenth of Japan's

Yonhap News

Last year, North Korea ranked second in the world for wristwatch exports to China.

Voice of America (VOA) reported on the 1st that, based on trade data released by China's General Administration of Customs, North Korea's wristwatch export value last year reached $16.278 million (approximately 23.7 billion KRW), ranking second among a total of 12 countries. Japan ranked first with $120 million (approximately 175 billion KRW), and Switzerland was third with $5.87 million (approximately 8.6 billion KRW) in exports.

Since 2017, due to international sanctions against North Korea blocking major export routes for coal, textiles, and other key products, North Korea has significantly increased wristwatch exports to China, a product not subject to sanctions.

North Korea's wristwatch exports to China, which amounted to $49.18 million (approximately 71.7 billion KRW) in 2019, were temporarily halted due to the COVID-19 pandemic but recovered to about $4.05 million (approximately 590 million KRW) in 2023, and last year increased fourfold from that amount.

However, the number of wristwatches North Korea exported to China last year was 136.88 million units, with a unit price of only 11 cents. This price per unit is significantly lower compared to Japan (1 dollar 47 cents) and Switzerland (3 dollars 42 cents). Due to selling at such low prices, it is estimated that North Korea earned less than $20 million (approximately 2.92 billion KRW).

This low margin is similarly seen in North Korea's largest export item, wigs. Last year, North Korea's wig exports to China amounted to 2,620 tons and $180.21 million, ranking first among 43 countries. The export value per kilogram of wigs was $68, which is about half compared to Bangladesh ($132) and Myanmar ($140).