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Inter-Korean trade rises despite political chills
By Shim Sun-ah
SEOUL, June 24 (Yonhap) -- South Korea's trade with North Korea in the first five months of this year surged 30 percent on-year thanks to brisk industrial exchanges that offset a sharp drop in humanitarian aid, the Unification Ministry said Tuesday.
Inter-Korean trade volume increased to US$734.25 million in the January-May period, up from US$562.92 million during the same period last year, according to ministry data. The increase was notable in the commercial sector, which posted US$685 million worth of trade over the months, up 52 percent year-on-year.
However, exchanges in non-commercial areas significantly contracted due to strained inter-Korean political ties. Non-commercial trade dropped by 56 percent to US$49.2 million.
Relations have been frozen since Lee took office in late February, resulting in terminating South Korea's decade-long "Sunshine Policy" of engaging North Korea. Supported by the growing public perception that the South was using too much taxpayer money to aid its nuclear-armed neighbor with nothing in return, Lee has vowed to link inter-Korean projects to progress in Pyongyang's nuclear disarmament and other pending issues between the two Koreas.
Lee said Seoul will send rice aid only if North Korea requests it. The North did not ask for South Korean rice this year despite deepening concerns over its food shortage which aid groups say could be the worst in seven years due to last year's flooding and rising world grain prices.
sshim@yna.co.kr
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