Business News Asia
According to a recent report from China’s Customs Administration (GAC), exports from China to North Korea have more than tripled in 2022 compared to the previous year. This increase in trade comes as freight trains between the two nations resumed service after being ordered to temporarily suspend operations in an effort to prevent the spread of COVID-19.
The GAC report states that China’s exports to North Korea rose by 247.5% in 2022, reaching a total of $894 million on a year-on-year basis. The highest-value exports from China to North Korea include soybean oil, tires, cane sugar, tobacco, and a range of medicines.
North Korean authorities have been hoarding large quantities of medical goods from China since early 2022, including masks and ventilators. Despite declaring victory over COVID-19 in August, North Korea continued to purchase 2.27 million face masks, 12,000 thermometers, and 40,000 pairs of medical latex gloves from China in December.
This significant increase in trade between China and North Korea highlights the resilience of their economic ties despite the ongoing global pandemic and political tensions.