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N. Korea's trade halved in 2018 on prolonged sanctions: report

10:52 July 19, 2019

SEOUL, July 19 (Yonhap) -- North Korea's trade nearly halved in 2018 from a year earlier due to U.N.-led sanctions on Pyongyang for its nuclear and long-range missile provocations, a trade agency said Friday.

North Korea's trade fell 49 percent to US$2.8 billion last year from $5.6 billion a year ago, the Korea Trade-Investment Promotion Agency said in a report.

The North's exports plunged 86 percent to $243 million from $1.8 billion and imports also declined 31 percent to $2.6 billion from $3.8 billion over the cited period, according to the agency.

As a result, the North's trade deficit widened to $2.4 billion last year from the previous year's $2 billion in deficit, it said.

The U.N. Security Council adopted additional sanctions resolutions on North Korea in late 2017 following Pyongyang's launch of an intercontinental ballistic missile in November of that year.

Under the sanctions, a country is allowed to capture and inspect a vessel suspected of engaging in illegal activities with North Korea and imposes a blanket ban on shipments of North Korean coal, iron ore and other mineral resources.



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