External Trade
Statistics from North Korea's trade partners is collected by international organizations like the United Nations and the International Monetary Fund, and by South Korean organizations such as the National Unification Board.
It is also estimated that imports of arms from the USSR in the period 1988 to 1990 accounted for around 30% of the DPRK's total imports, and that between 1981 and 1989 the DPRK earned approximately $4 billion from the export of arms, approximately 30% of the DPRK's total exports in that period. The nominal dollar value of arms exports from the DPRK in 1996 is estimated to have been around $50 million. North Korea’s foreign trade continued to deteriorate in the 1990s. After hitting the bottom of $1.4 billion in 1998, it recovered slightly. North Korea’s trade total in 2002 was $2.7 billion: only about 50% of $5.2 billion in 1988, even in nominal US dollars. These figures exclude intra-Korean trade, deemed internal, which rose in 2002 to $641 million.
In addition to Kaesŏng and Kŭmgang-san, other special economic areas have been established at Sinŭiju in the northwest (on the border with China), and at Rasŏn in the northeast (on the border with China and Russia).
International sanctions have impeded international trade to some degree, many related to North Korea's development of weapons of mass destruction. President Obama approved a new executive order in April 2011 that declares “the importation into the United States, directly or indirectly, of any goods, services, or technology from North Korea is prohibited.” Operational sanctions include:
- United Nations Security Council Resolution 1695
- United Nations Security Council Resolution 1718
- United Nations Security Council Resolution 1874
- United Nations Security Council Resolution 1928
The Taep'oong International Investment Group of Korea is the official company that manages oversea investments to North Korea.
Read more about this topic: Economy Of North Korea
Famous quotes containing the words external and/or trade:
“When a person hasn’t in him that which is higher and stronger than all external influences, it is enough for him to catch a good cold in order to lose his equilibrium and begin to see an owl in every bird, to hear a dog’s bark in every sound.”
—Anton Pavlovich Chekhov (1860–1904)
“With respect to a true culture and manhood, we are essentially provincial still, not metropolitan,—mere Jonathans. We are provincial, because we do not find at home our standards; because we do not worship truth, but the reflection of truth; because we are warped and narrowed by an exclusive devotion to trade and commerce and manufacturers and agriculture and the like, which are but means, and not the end.”
—Henry David Thoreau (1817–1862)