North Korea's Exports Hit Five-Year High Last Year at $360 Million

KOTRA Report on North Korea's Foreign Trade Trends
Total Foreign Trade Volume Reaches Approximately $2.7 Billion
China Remains North Korea's Top Trading Partner

Last year, North Korea's export volume reached its highest level in five years.

View of Nampo Shipyard in North Korea Photo by Yonhap News

According to the "2024 North Korea Foreign Trade Trends" report released by the Korea Trade-Investment Promotion Agency (KOTRA) on July 28, North Korea's exports last year totaled $360.44 million, up 10.9% from the previous year.

This is the highest figure since 2019, when exports amounted to $278 million. North Korea's exports had plummeted to $89 million in 2020 and $82 million in 2021 during the COVID-19 pandemic, but have increased for three consecutive years since the pandemic subsided in 2022.

Last year, imports decreased by 4.4% year-on-year to $2.33567 billion. The trade deficit narrowed by 6.8%, from $2.11878 billion in 2023 to $1.97523 billion.

The total volume of North Korea's foreign trade last year was $2.69611 billion, a decrease of 2.6%. In terms of trading partners, China maintained its top position, accounting for 98.0% of North Korea's total trade. China's share had reached a record high of 98.3% in 2023 under Chairman Kim Jong-un's leadership. Last year, trade with China declined by 2.9% to $2.64087 billion. The trade deficit with China decreased by 8.4% to $1.95723 billion.

Following China, Argentina, Vietnam, the Netherlands, and Nigeria were also among North Korea's top five trading partners.

North Korea's largest export item last year was prepared feathers and down (including duck and goose feathers), which rose 13.0% year-on-year to $189 million. Minerals ($47 million) and steel ($23 million) followed. In terms of imports, mineral fuels and mineral oils such as crude oil and refined petroleum products ranked first at $446.31 million. Plastics and plastic products ($232 million), as well as prepared feather and down products ($174 million), followed.

A KOTRA official stated, "Although North Korea's imports decreased last year, exports increased. We will continue to monitor whether new trading partners or export items are expanding."