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N. Korean Trade Declines For First Time in 6 Yrs

Written: 2016-06-15 10:06:56Updated: 2016-06-15 10:18:56

N. Korean Trade Declines For First Time in 6 Yrs

North Korea's trade volume sank last year from a year earlier, ending five years of straight growth.

According to a report by the Korea Trade-Investment Promotion Agency(KOTRA) on Wednesday, North Korea's overall trade volume came to six-point-25 billion dollars last year, down 18 percent from 2014.

North Korean exports fell 15 percent on-year to reach two-point-seven billion dollars, while imports also slid 30 percent to three-point-35 billion dollars over the cited period.

Since posting three-point-41 billion dollar trade in 2009, North Korea's trade volume continued to grow until 2014, when it posted seven-point-61 billion dollars.

The sudden decline in North Korean trade is attributed to the Chinese economic slowdown as well as the stagnation of the global economy.
 
The prices of major North Korean exports to China, such as coal and oil, also dropped last year.

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