Trade with N.Korea Falls to Near-Zero

  • By Kim Myong-song

    May 13, 2016 10:33

    Trade with North Korea is expected to be practically zero this year now the joint Kaesong Industrial Complex has been shut down.

    According to a 2016 White Paper published by the Unification Ministry on Thursday, last year's cross-border trade volume was a record US$2.7 billion, up 15.9 percent from 2014, thanks to an increase in trade through the industrial park.

    But that accounted for 99.6 percent of all cross-border trade since other trade had already been suspended under earlier sanctions in the wake of the sinking of the Navy corvette Cheonan in 2010.

    Now the industrial park has been closed there is no trade left, the ministry said.

    Since the North's latest nuclear test in January, Seoul has also halted humanitarian aid to the North. Last year, Seoul gave Pyongyang humanitarian aid worth W25.4 billion, up 30 percent from 2014 (US$1=W1,167).

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