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N. Korea's global trade expands but trade gap widens: report

2015/06/05 08:38

SEOUL, June 5 (Yonhap) -- North Korea's global trade expanded in 2014 from a year earlier, but its trade deficit also widened due to a drop in exports, a report showed Friday.

According to the report by the Korea Trade-Investment Promotion Agency, North Korea's trade came to US$7.61 billion last year, up 3.7 percent from a year earlier. The figures did not count its trade with South Korea.

North Korea's exports shrank 1.7 percent on-year to $3.16 billion last year, while imports grew 7.8 percent to $4.45 billion over the same period, the report showed.

Based on the figures, North Korea posted a trade deficit of $1.29 billion last year, with its shortfall jumping 41 percent from the year before.

Minerals and fossil fuels, including coal, were among the country's major export items as its overseas sales stood at $1.18 billion, which accounted for 37.2 percent of its total annual exports.

The report showed that North Korea continues to depend heavily on China for its trade.

Last year, bilateral trade between the two countries reached $6.86 billion, up 4.9 percent from a year earlier. North Korea's dependence on China in trade increased slightly from 89.1 percent in 2013 to 90.1 percent last year, according to the report.

kokobj@yna.co.kr

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