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A brief account of the economic and trade relations between China and the DPRK
2007-03-28 00:00

China and the DPRK began their trade in 1950, which before 1992 mainly took the form of open account trade between the two governments. After the signing of a new trade agreement between the two governments in 1992 to lift the open account trade between the two governments, the trade between China and the DPRK once increased to US$ 899 million in 1993, recording a new high in history. After that, affected by such factors as the temporary difficulties encountered by the DPRK economy, trade between China and the DPRK slid downward year after year, and dropped to US$370 million in 1999.

Since entering into the new century, along with the gradual recovery of the DPRK economy, the trade between China and the DPRK picked up rapidly, particularly creating new highs successively since 2003. Trade volume reached as much as US$1,580 million in 2005 from US$370 million in 1999, up 27.4% in the period of six years.

In 2006, the trade between China and the DPRK rose steadily. The import-export volume from January-October was US$1,380 million, an increase of 3.8% compared to the same period of the previous year, in which, Chinese export to the DPRK was US$ 1,010 million and Chinese import from the DPRK was US$370 million, growing by 11.1% and dropping by 11.8% respectively in comparison with the same period of the year before.

In recent years, Chinese investment in the DPRK has increased markedly. From January to October 2006, the Chinese side approved 19 new investments in the DPRK, with negotiated investment of US$66.67 million. Up to the end of October 2006, the Chinese side approved a total of 49 investments in the DPRK with negotiated investment of US$ 135 million. The projects of the investment covered such fields as food products, medicine, light industry, electronics, chemical industry and minerals.

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