Mon­go­lia’s trade with North Korea reaches record high thanks to to­bacco ex­ports


Trade be­tween North Korea and Mon­go­lia reached a record high of 2.29 mil­lion USD last year due to a surge in the North's to­bacco im­ports, fig­ures pub­lished by the Korea Trade-In­vest­ment Pro­mo­tion Agency (KOTRA) in­di­cated.

Ac­cord­ing to KOTRA, in 2017 trade be­tween the two coun­tries jumped by 43 per­cent on-year to reach 2.29 mil­lion USD.

The growth is largely due to the in­crease in Mon­go­lia's ex­ports to the North, which stood at 1.92 mil­lion USD, up 55 per­cent com­pared to last year. Im­ports in­creased by 2.1 per­cent to 370,000 USD dur­ing the same pe­riod.

To­bacco ac­counted for 92.2 per­cent of the to­tal ex­ports from Mon­go­lia to North Korea. Mon­go­lia has been ex­port­ing to­bacco to the North since 2016.

In terms of im­ports, medicine was Mon­go­lia's big­gest im­port item from North Korea and ac­counted for 78 per­cent of the to­tal as of Novem­ber 2017.

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