North Korea's Real Export Value to China in November $2,000 Due to COVID-19 Impact

[Image source=Yonhap News]

[Asia Economy Reporter Eunmo Koo] As North Korea locked down its borders due to the COVID-19 pandemic, its actual export value to China last month plummeted to around 2 million KRW, according to a report by Voice of America (VOA).

VOA analyzed data from the General Administration of Customs of China on the 26th and found that North Korea's actual export value to China in November was $2,382, approximately 2.63 million KRW. This figure excludes electricity exports of $1,122,812 from the total November exports to China of $1,125,000. VOA explained that the electricity refers to power exchanged between North Korea and China at a joint hydroelectric power plant, and thus does not count as actual exports.

Among the actual export items from North Korea to China, cosmetics accounted for the largest share at $1,854. Other items included miscellaneous products ($509) and soap ($19). In the same month, only 16 types of items were imported from China to North Korea, and excluding electricity, North Korea's imports from China amounted to just $143,000.

Since the COVID-19 outbreak, cases of North Korea importing raw materials and parts from China, producing goods under original equipment manufacturing (OEM) with customer branding, and then re-exporting them have also sharply declined. Among the top five export items North Korea shipped to China from March to November this year, the only item classified as re-export was 'watch movements.' This contrasts with last year, when three of the top five export items?watch movements (parts), artificial eyelashes and wigs, and human models?were re-exported. North Korea had significantly increased OEM-style re-exports after sanctions but appears to have drastically reduced even this due to COVID-19 this year.

During the same period, the top five items North Korea imported most from China were consumer goods with a high proportion, including soybean oil, wheat flour, sugar, rubber tires, and tobacco substitutes.

This content was produced with the assistance of AI translation services.