Quick access to main page (top) Direct access to main contents Quick access to main page (bottom)

North Korea’s Trade Deficit Pushes Arms Trade with Russia

Eugene Park Views  

“무역적자 4년래 최대 北, 러와 무기거래로 메울 듯'
Kim Jong Un, leader of North Korea (left), and Vladimir Putin, President of Russia, are seen smiling during their meeting at the Vostochny Cosmodrome in the Amur Oblast of Russia last September. Yonhap News

It has been revealed that North Korea recorded its largest deficit in four years in trade with China, which accounts for the majority of its trade. There are concerns that North Korea may actively trade arms with Russia to solve its foreign currency shortage problem.

According to a report on “The Status of North Korea’s Trade with China in 2023 and its Implications” by the Unification Research Institute on the 13th, North Korea’s exports to China last year amounted to $290 million, while imports reached $2.03 billion, resulting in a trade deficit of $1.74 billion. The deficit is the largest at $2.37 billion since 2019, before the pandemic. The report analyzed the status of North Korea’s trade with China using the 2023 Chinese trade statistics announced by the Korea International Trade Association.

In detail, North Korea mainly exported wigs and false eyelashes to China. It sold $167 million worth, accounting for 57.5% of the total exports. This is the first time that the annual export amount of a single item has exceeded $100 million after sanctions against North Korea were strengthened in 2018. The report stated, “North Korea has been struggling to find new main products after the stalled export of major export items due to the strengthened sanctions against North Korea,” and “The surge in exports of wigs and false eyelashes will be a positive change from the authorities’ perspective.” The exports were followed by $32 million in alloy steel, $26 million in tungsten, and $22 million in electrical energy.

Regarding the imported intermediate goods, textiles and fabrics were the most at $258 million, plastic products at $212 million, and wig materials at $171 million.

The report analyzed, “Considering that North Korea’s foreign exchange reserves are estimated to be in the billions of dollars, it will be difficult for North Korea to endure a situation where a trade deficit of the same or larger scale as last year occurs under sanctions for a long period.” It emphasized, “To overcome this situation, North Korea is expected to actively engage in acquiring foreign currency through illegal methods, such as cyber financial crimes and especially arms trade with Russia, so the international community needs to be thoroughly prepared.”

Eugene Park
content@www.kangnamtimes.com

Comments0

300

Comments0

[KOREA] Latest Stories

  • MrBeast Effect: How His Surprise Cameo Shakes Up YouTube
  • Rob Schneider's Stand-Up Scandal: Actor's Racially Insensitive Remarks Shock Politicians
  • FIFTY FIFTY: Second Phase and Comeback in the Works
  • Seoul City Threatens to Cut Power to Controversial Adult Video Festival
  • 'City Fisherman' Season 5 Wraps Up with Thrilling Final Showdown
  • Genesis Magma Division Sets New Standards in Performance

Weekly Best Articles

  • New Electric Sedans and SUVs: Volvo Expands Its EV Lineup with Bold Designs
  • Tesla’s Full Self-Driving Tech for Model 3 and Y Set for 2025—Can It Overcome Safety Issues?
  • California Police Frustrated by Tesla Model 3: Too Cramped, Not Practical
  • Trump vs. Harris: Which U.S. Election Outcome Will Boost Stocks the Most?
  • Kim Sejeong on Kiss Scene Prep: ‘It’s Like Laying the Foundation for a Building!’
  • Kim Tae Ri’s Character Faces Devastating Setback in ‘Jeongnyeon: The Star is Born’
  • Lee Seung Gi Goes Bald! Shocking Change for His Role in ‘About Family’
  • Man Who Sponsored $1.2M to Streamer Juice Se Yeon Says She Blocked Him After Scandals
  • BTS Music Video Star and Tattoo Model Kim Woo Young Remembered 6 Years Later
  • Outback’s Last Ride: Subaru Launches 30th Anniversary Edition with Exclusive Features
  • Chrysler’s 2025 SUV: A Glimpse into the Future of Electric Vehicles
  • Fiat’s ‘Ugliest Car’ Makes a Comeback with Hyundai’s Pixel Design Twist

You May Also Like

  • 1
    Chrysler’s 2025 SUV: A Glimpse into the Future of Electric Vehicles

    TECH 

  • 2
    Fiat’s 'Ugliest Car' Makes a Comeback with Hyundai’s Pixel Design Twist

    TECH 

  • 3
    THIS is the Country Jensen Huang Thinks Will Lead the AI Revolution

    BUSINESS 

  • 4
    Volkswagen Shutting Down German Plant for the First Time Ever—Big Layoffs Expected

    BUSINESS 

  • 5
    Kim Nam Gil Spills Secrets About The Fiery Priest 2—Why Fans Should Be Excited

    ENTERTAINMENT 

Popular Now

  • 1
    Google's Tax Tricks: How They Pay Pennies on Billions in Korean Revenue

    BUSINESS 

  • 2
    BJ Juice Se Yeon Deletes ‘Suspicious’ Photo with Kim Haon—Fans Speculate Romance

    ENTERTAINMENT 

  • 3
    G-Dragon’s Secret Addiction? The K-pop Star Can’t Stop Watching Dating Shows

    ENTERTAINMENT 

  • 4
    Chef Triple Star Shows Up at Event Despite Explosive Cheating and Embezzlement Claims

    ENTERTAINMENT 

  • 5
    Jaehyun Joins the Military—Here’s What Happens to His Career While He’s Away

    ENTERTAINMENT 

Weekly Best Articles

  • New Electric Sedans and SUVs: Volvo Expands Its EV Lineup with Bold Designs
  • Tesla’s Full Self-Driving Tech for Model 3 and Y Set for 2025—Can It Overcome Safety Issues?
  • California Police Frustrated by Tesla Model 3: Too Cramped, Not Practical
  • Trump vs. Harris: Which U.S. Election Outcome Will Boost Stocks the Most?
  • Kim Sejeong on Kiss Scene Prep: ‘It’s Like Laying the Foundation for a Building!’
  • Kim Tae Ri’s Character Faces Devastating Setback in ‘Jeongnyeon: The Star is Born’
  • Lee Seung Gi Goes Bald! Shocking Change for His Role in ‘About Family’
  • Man Who Sponsored $1.2M to Streamer Juice Se Yeon Says She Blocked Him After Scandals
  • BTS Music Video Star and Tattoo Model Kim Woo Young Remembered 6 Years Later
  • Outback’s Last Ride: Subaru Launches 30th Anniversary Edition with Exclusive Features
  • Chrysler’s 2025 SUV: A Glimpse into the Future of Electric Vehicles
  • Fiat’s ‘Ugliest Car’ Makes a Comeback with Hyundai’s Pixel Design Twist

Must-Reads

  • 1
    Chrysler’s 2025 SUV: A Glimpse into the Future of Electric Vehicles

    TECH 

  • 2
    Fiat’s 'Ugliest Car' Makes a Comeback with Hyundai’s Pixel Design Twist

    TECH 

  • 3
    THIS is the Country Jensen Huang Thinks Will Lead the AI Revolution

    BUSINESS 

  • 4
    Volkswagen Shutting Down German Plant for the First Time Ever—Big Layoffs Expected

    BUSINESS 

  • 5
    Kim Nam Gil Spills Secrets About The Fiery Priest 2—Why Fans Should Be Excited

    ENTERTAINMENT 

Popular Now

  • 1
    Google's Tax Tricks: How They Pay Pennies on Billions in Korean Revenue

    BUSINESS 

  • 2
    BJ Juice Se Yeon Deletes ‘Suspicious’ Photo with Kim Haon—Fans Speculate Romance

    ENTERTAINMENT 

  • 3
    G-Dragon’s Secret Addiction? The K-pop Star Can’t Stop Watching Dating Shows

    ENTERTAINMENT 

  • 4
    Chef Triple Star Shows Up at Event Despite Explosive Cheating and Embezzlement Claims

    ENTERTAINMENT 

  • 5
    Jaehyun Joins the Military—Here’s What Happens to His Career While He’s Away

    ENTERTAINMENT 

Share it on...