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Inter-Korean Trade Amounts to $215 Million in First Half of 2002

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관리자
created
2002-07-12
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10523
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Two-way inter-Korean trade totaled $214.9 million in the first half of the year, up 8.9 percent from a year earlier. South Korea imported a total of $96 million worth of goods from North Korea, a 51.8 percent increase from a year earlier, while goods valued at $118.9 million were shipped to the North, a decline of 11.3 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 bilateral trade of first half in 2002 increased by 8.9% despite strained inter-Korean relations. The increase was attributed to a 46.7 percent surge in commercial trade such as South Korea's imports of fishery products, prompted by an improved economic situation in the South, and a 17.3 percent gain in transactions based on processing-on-commission arrangements. such as imports textiles.

Meanwhile, bilateral trade in June totaled $28.7 million, down 49.1 percent from the previous month, showing a break in the upward trend this year. The fall was attributed to a slowdown in "non-trade" transactions involving inter-Korean cooperative projects and humanitarian assistance.

During the first half, South Korea registered a $22.9 million surplus in nominal trade, while North Korea posted a $73.4 million surplus, excluding the value of non-trade transactions.

Of the trade totaling $214.9 million, 55 percent was commercial and the rest a non-trade nature. The commercial share represents a 31.9 percent hike from a year before.

A total of 214 companies, including 67 involved in processing-on-commission basis, participated in the bilateral trade of 447 items, including 194 handled under the processing-on-commission formula.