International Finance
Trading

Hiccups in China-North Korea trade relations

Yet China doesn’t want to inflict any ‘negative impacts’ on North Korea

China took a stand for its increasing trade with North Korea as authorized by the U.N. Security Council that say sanctions imposed over the North’s nuclear and missile programs should evade stinging the ‘humanitarian needs’.

A foreign ministry spokesman Geng Shuang stated that China ‘strictly implements’ sanctions that are aimed at stopping the North’s pursuit of nuclear and missile technology.

Geng said, “The Security Council pointed out that the relevant resolutions should not inflict negative impacts on the livelihood and humanitarian needs of North Korea.”

Although China had been holding long trade relationship with Korea, has disrupted the same and settled for sanctions out of growing frustration with leader Kim Jong Un’s government.

According to customs data, while Chinese exports to North Korea rose to 31.4 percent in August from a year earlier, imports dropped to 9.5 percent after Pyongyang’s sixth and strongest nuclear test explosion.

Beijing has prohibited the imports of North Korean coal, iron ore, seafood and textiles. While the ban on coal and sea food was levied on August 5th, on September 11th the ban extended to textiles and natural gas.

Beijing has also cut down on Pyongyang’s foreign revenue by directing North Korean-owned restaurants and businesses and the Korean businesses Chinese partnerships to shut down.

What's New

Saudi Arabia & Oman to enhance trade partnership

IFM Correspondent

Mexico, Kuwait ties strengthen with trade growing every year

IFM Correspondent

Ajman’s exports to Saudi Arabia up 29%, latest figures show

WebAdmin

Leave a Comment

* By using this form you agree with the storage and handling of your data by this website.