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North Korea trade with China declines 15pc on back of lower coal prices
NORTH Korea's trade with China has declined for the first time in six years because of lower coal prices, say experts.
Pyongyang is also expected to sink further economically owing to the imposition of sanctions over its nuclear ambitions.
According to a report from the South Korean Institute for International Economic Policy, bilateral trade amounted to US$5.43 billion in 2015, down by 14.7 per cent compared to the previous year, reported United Press International.
North Korea exports to China were estimated to total $2.95 billion, down 16.4 per cent, and imports, excluding crude oil, were reported at $2.49 billion, down 12.6 per cent decrease, it cited local newspaper Kyunghyang Shinmun as reporting.
It's also likely that South Korea's suspension of operations at a jointly operated factory park near the North Korean city of Kaesong will have a long-term impact on the North Korean economy.
However, the data from 2015 suggests North Korea was hit hard by a collapse in coal and iron ore prices in the commodities markets, according to the report. Last year, North Korea iron ore was priced at 84 per cent of Chinese market rates.
In 2015, commodity prices decreased by 20 per cent for coal and 31 per cent for iron ore.
Pyongyang is also expected to sink further economically owing to the imposition of sanctions over its nuclear ambitions.
According to a report from the South Korean Institute for International Economic Policy, bilateral trade amounted to US$5.43 billion in 2015, down by 14.7 per cent compared to the previous year, reported United Press International.
North Korea exports to China were estimated to total $2.95 billion, down 16.4 per cent, and imports, excluding crude oil, were reported at $2.49 billion, down 12.6 per cent decrease, it cited local newspaper Kyunghyang Shinmun as reporting.
It's also likely that South Korea's suspension of operations at a jointly operated factory park near the North Korean city of Kaesong will have a long-term impact on the North Korean economy.
However, the data from 2015 suggests North Korea was hit hard by a collapse in coal and iron ore prices in the commodities markets, according to the report. Last year, North Korea iron ore was priced at 84 per cent of Chinese market rates.
In 2015, commodity prices decreased by 20 per cent for coal and 31 per cent for iron ore.
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