Inter-Korean Trade Hits Record Despite Sanctions

      May 01, 2015 10:16

      Inter-Korean trade reached a record high last year thanks to increased production at the Kaesong Industrial Complex and despite sanctions imposed by South Korea.

      According to the 2015 white paper on reunification by the Ministry of Unification on Thursday, cross-border trade amounted to US$2.34 billion in 2014, up 106.2 percent from a year earlier.

      The number of companies engaged in cross-border trade rose from 328 to 342, and so did the number of trade items from 674 to 718.

      The Unification Ministry said the Kaesong Industrial Complex is growing in size as well as traded amount. The manufacturing complex accounted for 99.8 percent of cross-border trade in 2014, since almost everything else is banned under the sanctions.

      Other trade between the two Koreas except Kaesong totaled only $178,000 last year, down 69.7 percent from $589,000 in 2013.

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