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Inter-Korean Trade Amounts to $241 Million from Jan. to July

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관리자
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2002-08-24
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Press Releases

August 22, 2002

Two-way inter-Korean trade totaled $241.3 million during the first seven months of the year, up 8.6 percent from the same period a year earlier. South Korea imported $103.8 million worth of goods from North Korea, a 37.6 percent increase year on year, while goods valued at $137.5 million were shipped to the North, a decline of 6.3 percent.

Major items brought in were agricultural-fishery products, iron-steel and metal products and textiles. Northbound shipments were chiefly chemical-industrial goods and textiles.

The 8.6 percent increase in bilateral trade in the year to July was attributed to a 33.3 percent hike in commercial trade such as the South's imports of fishery products and a 14.7 percent gain in transactions based on processing-on-commission arrangements such as textiles.

Meanwhile, two-way trade in July totaled $26.4 million, down 7.9 percent from June.

During the January-July period, South Korea registered a $33.7 million surplus in nominal trade, while North Korea posted a $71.4 million surplus, excluding the value of non-trade deals.

Of the total trade of $241.3 million, commercial transactions and trade based on processing-on-commission arrangements reached $135.8 million, accounting for 56.3 percent of the total and the rest ($105.5 million) of a non-trade nature involving inter-Korean cooperative projects and humanitarian assistance made up 43.7 percent.

Trade under the terms of inter-Korean cooperative projects amounted to $42.7 million, up 79.7 percent from a year ago. Major items in this category were materials for the light-water reactor project ($33 million), those for Mt. Geumgang tourism project ($4.2 million) and others ($5.5 million).

A total of 342 companies, including 89 involved in processing-on-commission basis, participated in the two-way trade of 470 items, including 244 handled under the processing-on-commission formula.