China-North Korea trade volume hits record low with 23pc drop
China's trade with North Korea dropped to its lowest for a second straight month in November as North Korea tries to eliminate the threat of the Covid crisis from entering the country, reports Kyodo News
03 January 2021 - 19:00
As the broader economy experiences a downturn, more diplomats in North Korea have begun to evacuate from the country recently.
The total volume of China's trade with North Korea has dropped 23 per cent from the previous month to US$1.27 million in November. Exports also fell 42 per cent to $148,000.
The renewed record is the lowest it's been since comparable data became available in 1998.
North Korea has eliminated traffic to and from China and Russia since earlier this year due to the Covid crisis. North Korea claims the virus hasn't made inroads into the country.
China is known as North Korea's most influential ally economically, as North Korea depends on China for more than 90 per cent of its trade.
Trade with China is a significant source for North Korea to obtain foreign currency, but North Korea has shifted its focus on strengthening quarantine controls.
As denuclearization and economic sanction relief have remained at a standstill with the US, North Korea appears to be facing challenges in providing adequate necessities for its citizens.
The country is experiencing chronic shortages of food and medical supplies due to economic sanctions aimed at thwarting its nuclear and ballistic missile ambitions.
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