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

Photogallery US Nurse ‘Cured of Ebola,’ NIH Says

Nina Pham, Texas nurse who treated first Ebola patient in US, received no experimental drugs; WHO expects vaccine surge in 2015 More

Video Islamic State Militants Encroach on Baghdad

Iraqi capital not under ‘imminent threat,’ US military says, amid worries about foothold More

Video Hong Kong Protesters Focus on Holding Volatile Mong Kok

Activists say holding Mong Kok is key to their movement's success, despite confrontations with angry residents and police 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.
After Decades of Pressure, Luxembourg Drops Bank Secrecy Rulesi
X
October 21, 2014 12:20 AM
European Union finance ministers have reached a breakthrough agreement that will make it more difficult for tax cheats to hide their money. The new legislation, which had been blocked for years by countries with a reputation as tax havens, was approved last week after Luxembourg and Austria agreed to lift their vetoes. But as Mil Arcega reports, it doesn’t mean tax cheats have run out of places to keep their money hidden.
Video

Video After Decades of Pressure, Luxembourg Drops Bank Secrecy Rules

European Union finance ministers have reached a breakthrough agreement that will make it more difficult for tax cheats to hide their money. The new legislation, which had been blocked for years by countries with a reputation as tax havens, was approved last week after Luxembourg and Austria agreed to lift their vetoes. But as Mil Arcega reports, it doesn’t mean tax cheats have run out of places to keep their money hidden.
Video

Video Kobani Refugees Welcome, Turkey Criticizes, US Airdrop

Residents of Kobani in northern Syria have welcomed the airdrop of weapons, ammunition and medicine to Kurdish militia who are resisting the seizure of their city by Islamic State militants. The Turkish government, however, has criticized the operation. VOA’s Scott Bobb reports from southeastern Turkey, across the border from Kobani.
Video

Video China Political Meeting Seeks to Improve Rule of Law

China’s communist leaders will host a top level political meeting this week, called the Fourth Plenum, and for the first time in the party’s history, rule of law will be a key item on the agenda. Analysts and Chinese media reports say the meetings could see the approval of long-awaited measures aimed at giving courts more independence and include steps to enhance an already aggressive and high-reaching anti-corruption drive. VOA’s Bill Ide has more from Beijing.
Video

Video US ‘Death Cafes’ Put Focus on the Finale

In contemporary America, death usually is a topic to be avoided. But the growing “death café” movement encourages people to discuss their fears and desires about their final moments. VOA’s Jerome Socolovsky reports.
Video

Video Ebola Orphanage Opens in Sierra Leone

Sierra Leone's first Ebola orphanage has opened in the Kailahun district. Hundreds of children orphaned since the beginning of the Ebola outbreak face stigma and rejection with nobody to care for them. Adam Bailes reports for VOA about a new interim care center that's aimed at helping the growing number of children affected by Ebola.
Video

Video Young Nairobi Tech Innovator on 'Track' in Security Business

A 24-year-old technology innovator in Nairobi has invented a tracking device that monitors and secures cars. He has also come up with what he claims is the most robust audio-visual surveillance system yet. As Lenny Ruvaga reports from the Kenyan capital, his innovations are offering alternative security solutions.
Video

Video Latinas Converting to Islam for Identity, Structure

Latinos are one of the fastest growing groups in the Muslim religion. According to the Pew Research Center, about 6 percent of American Muslims are Latino. And a little more than half of new converts are female. VOA’s Carolyn Presutti travelled to Miami, Florida -- where two out of every three residents is Hispanic -- to learn more.
Video

Video Exclusive: American Joins Kurds' Anti-IS Fight

The United States and other Western nations have expressed alarm about their citizens joining Islamic State forces in Syria and Iraq. In a rare counterpoint to the phenomenon, an American has taken up arms with the militants' Syrian Kurdish opponents. Elizabeth Arrott has more in this exclusive profile by VOA Kurdish reporter Zana Omer in Ras al Ayn, Syria.
Video

Video South Korea Confronts Violence Within Military Ranks

Every able-bodied South Korean male between 18 and 35 must serve for 21 to 36 months in the country’s armed forces, depending upon the specific branch. For many, service is a rite of passage to manhood. But there are growing concerns that bullying and violence come along with the tradition. Reporter Jason Strother has more from Seoul.
Video

Video North Carolina Emerges as Key Election Battleground

U.S. congressional midterm elections will be held on November 4th and most political analysts give Republicans an excellent chance to win a majority in the U.S. Senate, which Democrats now control. So what are the issues driving voters in this congressional election year? VOA National Correspondent Jim Malone traveled to North Carolina, one of the most politically competitive states in the country, to find out.
Video

Video Comanche People Maintain Pride in Their Heritage

The Comanche (Indian nation) once were called the “Lords of the Plains,” with an empire that included half the land area of current day Texas, large parts of Oklahoma, New Mexico, Kansas and Colorado.The fierceness and battle prowess of these warriors on horseback delayed the settlement of most of West Texas for four decades. VOA’s Greg Flakus reports from Lawton, Oklahoma, that while their warrior days are over, the 15,000 members of the Comanche Nation remain a proud people.
Video

Video Turkey Campus Attacks Raise Islamic Radicalization Fears

Concerns are growing in Turkey of Islamic radicalization at some universities, after clashes between supporters of the jihadist group Islamic State (IS) or ISIS, and those opposed to the extremists. Pro-jihadist literature is on sale openly on the streets of Istanbul. Critics accuse the government of turning a blind eye to radicalism at home, while Kurds accuse the president of supporting IS - a charge strongly denied. Henry Ridgwell reports from London.

All About America

AppleAndroid

World Currencies

EUR
USD
0.7893
JPY
USD
107.68
GBP
USD
0.6238
CAD
USD
1.1214
INR
USD
61.185

Rates may not be current.