Report Says China and North Korea Are Biggest Trading Partners
By M. Grace, September 20, 2017 20:09 PM
In a report released by Business Insider released on September 20, it has been found out that China and North Korea are large trading partners even if these two countries are not even that close.
Business Insider used two charts in comparing the import and exports of North Korea using the 2015 data from the Observatory of Economic Complexity (OEC) to determine the level of trade in the country.
According to the data, there are 85 percent of imports coming from China. Next to China, North Korea's biggest trade partner was India, from which the country got 3.5 percent of its total imports.
For exports data, North Korea's 83 percent of exports went to China and 3.5 percent went to India.
The trade between China and North Korea is especially important and noticeable given the fact that the two countries are involved in recent rising tensions following North Korea's missile and nuclear tests in the past few months.
It can be recalled that the United Nations Security Council unanimously submitted a US-drafted resolution to impose new economic sanctions on North Korea. The said resolution proposes to cap North Korea's oil imports, suppress smuggling, end additional overseas laborer contracts, stop joint ventures with other nations and ban textile exports.
China has also reportedly announced to ban on imports of iron ore, lead, iron, seafood and coal from North Korea.
China and North Korea's commercial ties has always been given much attention. Some even argued that the crisis caused by North Korea can be solved if only China applies economic pressure.
However, China reportedly reject the request from United States to give pressure on its neighbor; North Korea.
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