North Korea's Foreign Trade Recovers to Near Pre-Pandemic Levels

North Korea's foreign trade rebounded significantly last year, reaching $3.13 billion and approaching the volume seen before the COVID-19 pandemic in 2019. This marks a 16.0% increase from the previous year, indicating a recovery in the nation's international commerce.

The report, released by KOTRA, detailed that North Korea's exports amounted to $468.59 million, while imports totaled $2.66 billion. Both categories saw substantial growth, with imports rising by 13.9% and exports surging by 30.0% compared to 2023. This imbalance led to a widening trade deficit, which increased by 10.9% to $2.19 billion.

China continues to be North Korea's overwhelming trade partner, accounting for 98.2% of its total trade. However, the report also highlighted a growing trade relationship with African countries, with Tanzania and Zimbabwe newly entering the list of top 10 trading partners. Other notable partners included Vietnam, India, and Zimbabwe.

Key export items for North Korea included prepared feathers and down (used in wigs and eyelashes), tungsten, and iron and steel. Prepared feathers and down alone constituted 43.9% of the total export value. Major imports consisted of mineral fuels like oil, plastics, materials for wigs and eyelashes, soybean oil, and synthetic fabrics. The significant import of raw materials for processing and re-export suggests a manufacturing-based trade model underpinning North Korea's economy.