By Ko Tae-young
North Korea is estimated to surpass a record high of $5 billion in its trade this year.
Its trade with China totaled $4,665 million during the first 10 months of the year, a figure exceeding the nation’s trade of $4,170 million for the whole of last year, according to statistics released by the Ministry of Unification Monday.
“North Korea’s total trade has already exceed the $5 billion mark when the trade value with Russia and other socialist nations is counted and the monthly volume increases as the year comes to the end,” said a North Korea expert. “As a result, North Korea’s trade is certain to reach $5.5 billion more or less.”
South Korea recorded the year’s record high of $ trillion as of Dec. 5, showing that both Koreas have achieved the largest-ever trade volume this year.
Coal has been the main contributor to the trade of the North, with its coal exports to China of $2,043 million from January to October, more than doubling the $910 million a year earlier.
“Such a high expansion of the trade has been ascribed to the North’s desperate need of foreign currency to declare itself a ‘military power’ next year,” said a source. “In particular, the slogan has driven the North to ship mineral resources as much as possible to its closest ally, China.”
“North Korea is about to declare their ideology and military power, next year. So foreign currency and expansion of trade range were necessary”, “Therefore, the exports of mineral resources has converged to China as a center” said source.
However, it is reported that unfortunately, its power shortage has been aggravated due to frequent suspension of thermal power plants caused by lack of coal.
“There have been signs that the North authorities intend to decrease exports of coal to China as the natural resource have been depleting faster than expected,” said Monk Beop-ryun who is heading ‘Good friends’ in a latest newsletter, North Korea Today. It is a human rights body based in Seoul for North Koreans under the dictator, Kim Jong-il.