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Trade Volume Recovering to Normal Level in October, Reaching 80% of Last Year
Inter-Korea Trade
Trade Volume Recovering to Normal Level in October, Reaching 80% of Last Year
  • By matthew
  • November 26, 2013, 03:34
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Model Industrial Complex factories in Kaesong (Gaesong) Industrial Area. (photo courtesy of Mimura/Wikimedia Commons)
Model Industrial Complex factories in Kaesong (Gaesong) Industrial Area. (photo courtesy of Mimura/Wikimedia Commons)

 

The inter-Korean trade volume in October recovered to 80 percent from one year ago, returning gradually to normal levels. This is entirely attributable to the reopening of the joint industrial park in North Korea’s border city of Kaesong in September. 

According to the Ministry of Unification and the Korea Customs Service on November 24, the preliminary volume of exports and imports between the two Koreas in October amounted to US$152.15 million, or 80.9 percent of the US$188.13 million during the same month last year. 

All trade and economic exchanges had been banned since May 24, 2010 except those in Kaesong Industrial Complex. Further, as the factories of South Korean companies run in the complex was disclosed in April this year, the bilateral trade relationship was almost frozen, shown as in the trade volume of US$23,000 in June this year.  

Since the reopening of the industrial complex on September 16, the trade volume has slowly regained as raw materials, parts, and production facilities moved to the North and finished goods flowed in to the South. 

The amount destined to Kaesong in October was US$82.64 million, almost the same level as that of last year’s US$82.78 million, while the amount moving to the South reached US$69.51 million, 66 percent of last year’s US$15.36 million.