News / Economy

China Exports to North Korea Fall

A cargo ship loaded with containers is seen anchored at a port in Qingdao, Shandong province, China, July 10, 2013.
A cargo ship loaded with containers is seen anchored at a port in Qingdao, Shandong province, China, July 10, 2013.
William Ide
Newly released Chinese trade data show that during the first six months of the year, exports to North Korea fell for the first time in four years. The figures were made public shortly after Chinese Vice President Li Yuanchao wrapped up a visit to North Korea to mark the 60th anniversary of the end of the Korean War.
 
Newly released figures from China’s General Administration of Customs shows exports to North Korea shrank by more than 13.6 percent from January to June, to $1.59 billion when compared with the same period last year.
 
The last time exports from North Korea’s biggest ally slipped that much was in 2009 in the wake of the global financial crisis.
 
The drop in Chinese exports was due largely to a steep decline in shipments of crude oil to the North.

North Korea's reliance on China oil

Lu Chao, a Korea scholar at the Liaoning Academy of Social Sciences, said that according to official figures, China is the biggest provider of oil to North Korea, providing more than 500,000 tons last year alone.
 
The reason for the recent drop in Chinese exports is simple. “The main reason is clear to everyone, this year after North Korea’s nuclear test, China has implemented the sanctions decided by the U.N. Security Council resolution," he said. "The figures reflect this situation, because under normal terms China and North Korea trade goods and material for production, but when restrictions affect the more sensitive sector of military equipment the slow down is more evident.”
 
North Korea’s decision to carry out its third nuclear test earlier this year has seriously strained ties between the two countries.
 
In the wake of the test, some Chinese academics were calling on Beijing to cut off North Korea completely, and protestors took to the streets denouncing what they felt was Beijing’s tolerance of the test.
 
Chinese officials have condemned the test and repeatedly have called for a resumption of six-nation talks aimed at ending the country’s nuclear weapons programs.

China tightens banking restrictions

In May, the state-run People’s Bank of China announced it was closing all transactions and shutting down its account with North Korea's foreign trade bank.
 
Last week, China’s Vice President Li Yuanchao made a trip to North Korea, the first ever since Kim Jong Un took office. The two were seen standing close together, smiling and waving to crowds during ceremonies that marked the 60th anniversary of the end of the Korean War.
 
Lu said the trip, however, which stood in contrast to China’s recent actions, was not contradictory.
 
“The relationship is now in a transition from the old alliance sort of relationship to more normal friendly relations between the two countries. The fact that Li Yuanchao took part in the celebration doesn’t mean that there’s a big change in relations between the two countries or that they are leaning to one side or another,” said Lu.
 
During meetings Tuesday in Seoul, South Korea and the United States announced their intention to continue implementing sanctions against North Korea and to seek further assistance from China.
 
David S. Cohen, undersecretary for terrorism and financial intelligence at the U.S. Treasury Department, met with South Korea’s vice foreign minister and top negotiator to the long-stalled six party talks in Seoul on Tuesday.

You May Like

Multimedia Obama Defends Immigration Action

Obama says with his executive action on immigration, enforcement resources will be focused on 'felons, not families; criminals, not children' More

US-Led Airstrikes in Syria Kill Over 900: Monitoring Group

British-based Syrian Observatory for Human Rights says the toll includes more than 50 civilians, five of them women and eight of them children More

Report: Obama Broadens US Combat Role in Afghanistan

The New York Times says resident Barack Obama has signed a classified order extending the role of US troops in Afghanistan for another year More

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
New Skateboard Defies Gravityi
X
November 21, 2014 5:07 AM
A futuristic dream only a couple of decades ago, the hoverboard – a skateboard that floats above the ground - has finally been made possible. While still not ready for mass production, it promises to become a cool mode of transport... at least over some surfaces. VOA’s George Putic reports.
Video

Video New Skateboard Defies Gravity

A futuristic dream only a couple of decades ago, the hoverboard – a skateboard that floats above the ground - has finally been made possible. While still not ready for mass production, it promises to become a cool mode of transport... at least over some surfaces. VOA’s George Putic reports.
Video

Video Falling Gas Prices Impact US Oil Extraction

With the price of oil now less than $80 a barrel, motorists throughout the United States are benefiting from gas prices below $3 a gallon. But as VOA’s Kane Farabaugh reports, the decreasing price of petroleum has a downside for the hydraulic fracturing industry in the United States.
Video

Video Tensions Build on Korean Peninsula Amid Military Drills

It has been another tense week on the Korean peninsula as Pyongyang threatened to again test nuclear weapons while the U.S. and South Korean forces held joint military exercises in a show of force. VOA’s Brian Padden reports from the Kunsan Air Base in South Korea.
Video

Video Mama Sarah Obama Honored at UN Women’s Entrepreneurship Day

President Barack Obama's step-grandmother is in the United States to raise money to build a $12 million school and hospital center in Kogelo, Kenya, the birthplace of the president's father, Barack Obama, Sr. She was honored for her decades of work to aid poor Kenyans at a Women's Entrepreneurship Day at the United Nations.
Video

Video Gay Evangelicals Argue That Bible Does Not Condemn Homosexuality

More than 30 U.S. states now recognize same-sex marriages, and an increasing number of mainline American churches are blessing them. But evangelical church members- which account for around 30 percent of the U.S. adult population - believe the Bible unequivocally condemns homosexuality. VOA's Jerome Socolovsky reports that gay, lesbian, bisexual and transgender evangelicals are coming out. Backed by a prominent evangelical scholar, they argue that the traditional reading of the bible is wrong.
Video

Video Ebola Economic Toll Stirs W. Africa Food Security Concerns

The World Bank said Wednesday that it expects the economic impact of the Ebola outbreak on the sub-Saharan economy to cost somewhere betweenf $3 billion to $4 billion - well below a previously-outlined worst-case scenario of $32 billion. Some economists, however, paint a gloomier picture - warning that the disruption to regional markets and trading is considerable. Henry Ridgwell reports from London.
Video

Video Mexico Protests Escalate Over Disappearances

Protests in Mexico over 43 students missing since September continue to escalate, reflecting growing anger among Mexicans about a political system they view as corrupt, and increasingly tainted by the drug trade. Mounting outrage over the disappearances is now focused on the government of President Enrique Pena Nieto, accused of not doing enough to end insecurity in the country. More from VOA's Victoria Macchi.
Video

Video US Senate Votes Down Controversial Oil Pipeline - For Now

The U.S. Senate has rejected construction of a controversial pipeline to transport Canadian oil to American refineries. The $5 billion project still could be approved next year, but it faces a possible veto by President Barack Obama. As VOA’s Michael Bowman reports, the pipeline has exposed deep divisions in Congress about America’s energy future.
Video

Video Can Minsk Cease-fire Agreement Hold?

Growing tensions between government troops and separatists in eastern Ukraine further threaten a cease-fire agreement reached two months ago in the Belarusian capital of Minsk. Critics of U.S. policy in Ukraine say it is time the Obama administration gives up on that much-violated cease-fire and moves toward a new deal with Russia. VOA's Scott Stearns has more.
Video

Video Chaos, Abuse Defy Solution in Libya

The political and security crisis in Libya is deepening, with competing governments and, according to Amnesty International, widespread human rights violations committed with impunity. VOA’s Al Pessin reports from London.
Video

Video US Hosts Record 866,000 Foreign Students

Close to 900,000 international students are studying at American universities and colleges, more than ever before. About half of them come from Asia, mostly China. The United States hosts more foreign students than any other country in the world, and its foreign student population is steadily growing. Zlatica Hoke reports.
Video

Video Ferguson Church Grapples with Race Relations

Many white residents of Ferguson, Missouri, say they chose to live there because of the American Midwest community's diversity. So, they were shocked when a white police officer killed an unarmed black teenager in August – and shaken by the resulting protests and violence. Some local churches are leading conversations on how to go forward. VOA’s Ayesha Tanzeem reports.

All About America

AppleAndroid

World Currencies

EUR
USD
0.8050
JPY
USD
117.90
GBP
USD
0.6376
CAD
USD
1.1259
INR
USD
61.655

Rates may not be current.