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China's imports from N. Korea tumble in Q1

All Headlines 09:30 August 24, 2016

BEIJING, Aug. 24 (Yonhap) -- China's northeastern province of Jilin saw its imports from North Korea plunge nearly 15 percent in the first quarter of 2016 from a year ago, data showed Wednesday, dealing a fatal blow to the neighboring country's moribund economy.

According to the Chinese customs data, Jilin's trade with North Korea sank 14.7 percent on-year to US$176 million in the January-March mainly because of plunging imports.

Jilin, which borders the North's three provinces, is China's hub of trade with its ally and boasts the largest trade volume with Pyongyang among China's provinces.

Jilin's imports from North Korea came to $66 million in the three-month period, down 33.8 percent from a year earlier. Tumbling imports of such major items as iron ore, clothing and fisheries goods led the drop.

Imports of North Korean iron ore dipped 19.3 percent on-year to $7.28 million in the first quarter, with those of clams, T-shirts and functional clothing nose-diving 25 percent to 73 percent.

China experts said Jilin's imports of iron ore from North Korea fell sharply in the first quarter due to sluggish demand from China in the wake of Beijing's move to eliminate its steel overcapacity.

U.N.-led international sanctions on North Korea for its nuclear and missile programs seemed to play a part as well. Pyongyang conducted its fourth nuclear test in January and has test-fired a series of ballistic missiles in recent months.

The Chinese province's imports from North Korea are estimated to have dropped further in the second quarter when the sanctions began to bite, they added.

"A tumble in trade with Jilin comes as a serious blow to North Korea as it relies heavily on exports of minerals to the province for external trade," a North Korea watcher said.

Meanwhile, North Korea's overall trade with the world's largest economy dropped 9.3 percent on-year to $2.31 billion in the first half of this year, with exports and imports falling 3.1 percent and 16 percent each.
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