이 누리집은 대한민국 공식 전자정부 누리집입니다.
Biz News Korea(Eng)
North Korea loses $5.1 billion from mineral exports to China amid economic sanctions, report shows
- Collected
- 2016.04.21
- Distributed
- 2016.04.22
- Source
- Go Direct
North Korea has lost about $5.1 billion that would have been profit from selling underground mineral resources to China over the last five years, a report by a South Korean private think tank showed on Wednesday.
이미지 확대The findings of the Seoul-based North Korea Resource Institute (NKRI) revealed that North Korea has logged massive losses by selling underground resources at a giveaway price to China. According to the analysis report obtained by Maeil Business Newspaper, North Korea has earned $7.5 billion between 2011 and 2015 by exporting six major minerals - anthracite coal, iron ore, zinc ore, copper ore, magnesite and zinc ingot - to China. However, the report showed that what North Korea has earned was significantly less than what it should have earned of $12.6 billion if it had promoted normal trade with China based on international market prices and without being under economic sanctions.
The institute analyzed that North Korea has lost potential revenue worth $5.1 billion, more than 70 percent of the communist country’s official annual budget of around $7 billion as estimated by the South Korean government.
China, meanwhile, has benefitted from its trade with North Korea, saving $4.1 billion over the past five years by importing anthracite coal at a price 42 percent cheaper than the international market price. Anthracite coal takes up almost half of the volume of North Korea’s exports to China.
Choi Kyung-soo, president of the institute, said that even in 2011 when the international coal price surged to $210 per ton, North Korea exported the mineral to China at a 49 percent lower price of $102 per ton. He said that North Korea was not able to receive even half of the price it should have on normal conditions.
The institute noted that apart from anthracite, North Korea has been exporting other minerals to China at cheaper prices than international market prices. Its iron ore is being sold 76 percent cheaper while zinc ore 50 percent, copper 23 percent, magnesite 38 percent and zinc ingot 95 percent.
이미지 확대The institute analyzed that North Korea has lost potential revenue worth $5.1 billion, more than 70 percent of the communist country’s official annual budget of around $7 billion as estimated by the South Korean government.
China, meanwhile, has benefitted from its trade with North Korea, saving $4.1 billion over the past five years by importing anthracite coal at a price 42 percent cheaper than the international market price. Anthracite coal takes up almost half of the volume of North Korea’s exports to China.
Choi Kyung-soo, president of the institute, said that even in 2011 when the international coal price surged to $210 per ton, North Korea exported the mineral to China at a 49 percent lower price of $102 per ton. He said that North Korea was not able to receive even half of the price it should have on normal conditions.
The institute noted that apart from anthracite, North Korea has been exporting other minerals to China at cheaper prices than international market prices. Its iron ore is being sold 76 percent cheaper while zinc ore 50 percent, copper 23 percent, magnesite 38 percent and zinc ingot 95 percent.
By Kim Sung-hoon
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]