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China-N. Korea trade hits record US$4.67 bln

All Headlines 09:07 December 29, 2011

SEOUL, Dec. 29 (Yonhap) -- China's trade with North Korea jumped 73.5 percent on-year to a record US$4.67 billion in the first 10 months of this year due primarily to soaring imports from the neighboring country, a report showed Thursday.

The figure for the January-October period was far larger than the trade volume of $3.47 billion between the two countries for the whole of 2010, according to the report by state-run Korea Trade-Investment Promotion Agency (KOTRA).

China's imports of North Korean-made goods jumped 124.8 percent on-year during the 10-month period, with its exports expanding 47.2 percent. China's trade surplus consequently shrank 34.4 percent on-year to $570 million, it said.

"At the present pace, trade between the two countries should reach $6 billion this year," KOTRA said.

China mainly shipped crude oil, diesel fuel, nitrogen fertilizers and synthetic fabrics, imported anthracite coal, alloy and non-alloy steel.

Bilateral trade grew steadily from $370 million in 1999 and surpassed the $1 billion mark for the first time in 2003 before doubling to $2 billion in the 2008-2009 period.

North Korea's trade reliance on China, meanwhile, jumped from 25 percent in 1999 to 83 percent last year, with Beijing's commercial clout expected to rise for the time being, according to the report.


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