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N. Korea's trade drops 1st time in 11 yrs in 2009: think tank
SEOUL, March 10 (Yonhap) -- North Korea's trade appears to have dropped for the first time in 11 years in 2009 as its trade with China, South Korea and other major business partners declined, a South Korean state-run think tank said Wednesday.
The Korea Development Institute said in a report that Pyongyang's trade with foreign countries were projected to have contracted "at least" 5 percent last year compared with a year earlier, citing statistics provided by China's customs authorities.
"North Korea's trade data have yet to be officially compiled but its trade with China and South Korea, its two major business partners, shrank last year (based on China's statistics)," the report said. "Trade with the European Union also declined. Based on the statistics, its total trade is sure to fall last year."
North Korea's trade with China, its biggest business partner, amounted to $2.68 billion last year, down 4 percent from a year earlier, while its trade with South Korea dropped 8.4 percent, the report showed. The two nations accounted for 81.7 percent of Pyongyang's annual trade.
"Even if its trade with all other nations held unchanged, North Korea is expected to see a decline considering trade figures with China and South Korea," the report said. "This would mark the first contraction in 11 years since 1998."
North Korea's trade has been on a steady increase over the past decade with the amount estimated at $5.64 billion in 2008, up from $2.39 billion in 2000, the report showed.
kokobj@yna.co.kr
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