Inter-Korean Trade Shrinks Due to Sanctions

  • Arirang News

    August 09, 2010 11:26

    Trade between South and North Korea has dropped more than 30 percent since Seoul halted cross-border economic cooperation and exchange projects in response to North Korea's torpedo attack on the South Korean Navy corvette Cheonan in March.

    According to a report by the Korea Customs Service, the South's shipments of goods to and from the North amounted to US$123 million in June, a decline of 20 percent from the previous month's $156 million. It is also a 32-percent drop from April, a month before the trade sanctions were imposed.

    Experts say the North would have suffered even more if it hadn't been for the ongoing business activities in the joint-industrial complex of Kaesong, which Seoul excluded from the sanctions in May.

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