South-North trade exceeds $400 million

Trade between South and North Korea surpassed the $400 million mark last year for the first time.

According to the Korea Customs Service (KCS) Thursday, imports of products from North Korea and exports of goods to the North amounted to $152.373 million (3,952 cases) and $272.775 million (3,442 cases), respectively, last year for a total trade volume of $425.148 million, up 28% from $333.43 million in 1999.

South-North trade was valued at $18.724 million when it began in 1989. In keeping with the Seoul government`s policy of offering active economic support for North Korea, the shipment of goods to the North has increased each year, whereas imports from the North gradually declined since 1995.

By item, agricultural, forestry, and fisheries products were the top imports from North Korea last year, accounting for $71.934 million. Textile goods imports were tallied at $53.693 million, steel and metal products at $11.747 million and electronics and electric goods at $8.254 million. The list of exports to North Korea was headed by medical supplies & chemical industrial goods at $95.528 million, textile goods at $43.433 million, machinery at $32.122 million, and electronics and electric goods at $28.075 million.

Processing trade on commission, under which South Korea supplies raw materials to North Korea and the North produces finished goods, amounted to $129.19 million last year, up 30% from $99.62 million the previous year.

Ha Im-Sook artemes@donga.com