China Exports to North Korea went up by 247% in FY 22

 China's exports to North Korea had seen a three times growth in the financial year 2022. China shares a good trade relationship with North Korea with over 80% share in its imports and exports. The bilateral trade between China and North Korea reached one billion dollars in FY 2022.

According to the China import export data, there was a record jump in the shipments from 247%. Around 890 million dollars exports from China to North Korea was recorded in the financial year 2022. On the other hand, China customs data reports suggest that around 58 million imports were recorded from North Korea to China in 2022. 

In this blog, you will get the detailed information on North Korea and China Trade.

China Exports to North Korea

According to the China export data, China's exports hit an all -time high of 890 million dollars with a significant jump of 200%. In 2021, China's exports were 260 million dollars. Ever since the covid outbreak in North Korea, China's medical exports to North Korea increased. Covid is still not over yet in North Korea. That is why the supply of Chinese medicines, masks and ventilators are on rise to North Korea.

Some of the top China exports products to North Korea were medicines, vaccines, tobacco, rubber tires, processed sugar, etc. As per the sources, around 2 million masks, 40K medical rubber gloves paris and 12k thermometers were exported from China to North Korea in 2022. Further, the Chinese exports will see a rapid growth  in FY 202.

China Imports from North Korea

 

North Korea's major export products are mainly minerals, metallurgical goods, textiles, garments, marine and agricultural goods. According to the import export data global reports, North Korea exports to China were recorded to be 49 million dollars in the financial year 2022. While, as compared to the 56 million dollars exports in 2021, it was comparatively less. As per China import data, the top imports were Electricity, Tungsten, Molybdenum, Carbides and watch movements. Top North Korean export companies to China were Groon Co, Hai Dan, Korea Ryonghung, and Kin's Enterprise.

Latest Trends

As per the latest China trade data records, Chinese exports to North korea in February 2023 were around 114 million dollars. There was a rise in imports of packaged medicaments, woven fabrics, wheat flours, carbides and soybean oil.

On the other hand, North Korea recorded a positive growth in its exports of silk, electricity, raw silk, tungsten and molybdenum ore to China. In February 2023, North Korean exports to China were around 10 million dollars. North Korea is a mineral rich country. China would like to seize that opportunity. So, the China imports of Chemicals from North Korea will see a positive growth rate.

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