North Korea's Trade Volume Sees a Slight Decline in 2024

Last year, North Korea's foreign trade volume experienced a 2.6% decrease, totaling $2.69611 billion (approximately 3.7214 trillion won). This shift was characterized by an increase in exports and a decrease in imports, leading to a reduced trade deficit.

Exports Rise as Imports Fall

According to the 2024 North Korea Foreign Trade Trends report by KOTRA, exports surged by 10.9% to $360.44 million, while imports fell by 4.4% to $2.33567 billion. This resulted in a trade deficit of $1.97523 billion, marking a 6.8% decrease from the previous year.

China Remains the Largest Trading Partner

Trade with China, accounting for 98% of North Korea's total trade, slightly decreased by 2.9% to $2.64087 billion. The trade deficit with China also saw a reduction, dropping to $1.95723 billion from $2.13620 billion in 2023.

Emerging Trading Partners

Following China, Argentina, Vietnam, the Netherlands, and Nigeria ranked as North Korea's top trading partners. Notably, Indonesia and Senegal entered the top 10, reflecting a slight diversification in North Korea's trade relationships.

Key Export and Import Items

Prepared feathers and down, including wigs, led exports with a 13% increase to $189.38 million. Minerals saw a significant rise, while iron and steel exports declined. On the import side, mineral fuels and minerals remained the top category, despite a slight decrease in volume.