October 23, 2021

North Korean trade hits 30-year low amid sanctions, COVID-19 pandemic: report

China still biggest trade partner in 2020 despite huge drop in volume

North Korea’s trading activity hit its lowest level in over three decades last year due to sanctions and COVID-19 control measures, according to a new report from a South Korean state-funded agency.

The Korea Trade-Investment Promotion Agency (KOTRA) stated that North Korean trade volume shrunk to $863 million in 2020. That is the lowest since the agency began to record the figure in 1990 and around a quarter of the 2019 trade volume.