Russian Trade With North Korea Increased 40% In 2019
North Korea’s trade with Russia jumped about 40 percent on-year in 2019 despite global sanctions imposed on Pyongyang, data disclosed by the International Trade Centre yesterday has stated. Bilateral trade between North Korea and Russia rose to US$47.9 million last year, up 40.6 percent from a year earlier.
North Korea imported US$44.9 million worth of products from Russia last year, with its exports to the neighboring country reaching US$3 million, the data showed.
Petroleum products accounted for the largest portion of North Korea’s imports with US$27.2 million. Musical instruments were North Korea’s largest export to Russia, reaching US$1.6 million.
The increase came despite global sanctions restricting Pyongyang from seeking major economic cooperation and importing materials that could be used for military purposes.
- North Korea Re-Connectivity Gradually Opening Up to the Belt and Road
- DPRK Business Monthly: January 2020
This regular publication looks at current international, domestic, and peninsular affairs concerning North Korea while also offering commentary and tourism information on the country.
Russia Briefing is written by Dezan Shira & Associates. The firm has 28 offices throughout Eurasia, including China, Russia, India, and the ASEAN nations, assisting foreign investors into the Eurasian region. Please contact us at firstname.lastname@example.org for Russian investment advisory or assistance with market intelligence, legal, tax and compliance issues throughout Asia.