February 25, 2008

Inter-Korean Trade Passes $1.79 Billion Mark

Followup to KR posting, Indicators of Inter-Korean Interaction and Exchanges

Inter-Korean trade volume reached a record-high of 1.79 billion dollars in 2007, up 33% from the previous year. Inter-Korean trade started in 1989 with $19 million in volume, which grew exponentially along with the rapproachement policy of presidents Kim Dae Jung and Roh Moo-hyun. It surpassed 1 billion dollars in 2005. Commercial trade in 2007 was up 54% from the previous year, whereas non-commercial trade (aid and assistance) went down 13% from the previous year -- signalling a growth of vibrant commercial trade relations between the two sides of Korea. It would be interesting to observe how these figures would change during the new Lee Myung-bak administration. See full report.

[Photo: North Korean workers at the Gaesong industrial complex.]

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