According to recent statistics, trade between North Korea and the European Union (EU) decreased last year.
On May 22, Radio Free Asia (RFA) cited trade statistics released by the EU Executive Commission and reported that the trade volume between North Korea and the EU in 2023 was $3,407,254. This is a 26% decrease from the previous year of $4,606,739. In 2023, the EU’s imports from North Korea increased by 136% to $1,006,268 compared to 2022. This is the first increase since 2013, after a yearly decline. Exports to North Korea were $2,396,429, a 43% decrease from the previous year.
From 2019 to 2023, the EU’s imports from North Korea decreased by 14.8% while exports to North Korea decreased by 18.7% over four years.
By country, Austria accounted for most of the total imports from North Korea ($737,902), while the Netherlands accounted for more than half of the exports to North Korea ($1,179,022).
The EU is North Korea’s 13th trading partner, with 16 of the 27 member countries importing from North Korea and 9 countries exporting to it. In terms of product categories, 87% of imported goods from North Korea were products of the chemical or allied industries, while Foodstuffs, beverages, and tobacco accounted for 31.2% of exported goods to North Korea, the highest percentage.
Citing the data from the International Monetary Fund (IMF), the report revealed that North Korea’s global trade volume last year increased by 78% to $3,035,680,254, but the trade balance recorded a deficit of $2,177,963,667, an 84% increase from the previous year.
Experts analyze that North Korea, despite opening its borders that were closed due to COVID-19 last year, has not been able to recover its previous level of trade due to sanctions against it.
Troy Stangarone, Senior Director of the Korea Economic Institute (KEI), told RFA, “Despite North Korea easing border controls in 2023, trade with the EU is similar to levels after UN sanctions were fully implemented in 2018.” He added, “Russia and China are increasing trade with North Korea, both legally and illegally, reducing the need for North Korea to expand trade with the EU.”