Inter-Korean Trade Reaches $700 Mil. in 2003
2003-12-23
The volume of inter-Korean trade is expected to exceed $700 million for the first time this year, nearly 40 times more than in 1989 when the two Koreas started full-scale trade for the first time.
According to the Unification Ministry on Monday (Dec. 22), overall inter-Korean trade through to Nov. 30 amounted to $672 million. At the current rate the total should reach $750 million.
The numbers show the extent of progress the two Koreas have made since 1989, when inter-Korean trade began with a South Korean firm's purchase of North Korean coal.
Inter-Korean trade figures have risen steadily with only minor setbacks since 1989, when the amount was a mere $19 million. In 1995 the total was $287 million and $425 million in 2000. Last year the total was $641 million.
South Korea is set to become the North's top export destination this year, with $233 million in exports in the first 10 months alone.
North Korea exports mainly marine and agricultural products (42.9 percent) and textiles goods (34.5 percent) to the South. South Korea's shipments to the North include grains and other food items (28.8 percent) and chemical industrial products (21.6 percent).
Source : www.korea.net
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