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.