S. Korea emerges as N. Korea`s No. 2 trading partner

South Korea has emerged as the second biggest trading partner of North Korea.

According to the Korea International Trade Association (KITA) Wednesday, the total trade volume between South and North Korea, including assistance to the North, the light-water reactor project, the processing trade on commission, and commercial trade (simple trade), amounted to $399.76 million during the January-November period of last year. The figure is expected to surpass $430 million when December`s figures are added.

Of the total, the trading amounts of simple trade (commercial trade) and processing trade on commission came to $228.05 million during the same span. The trading volume of exports to North Korea amounted to $89.18 million, whereas that of imports into South Korea came to $138.87 million.

In the non-transaction trade, such as assistance to North Korea and the light-water reactor project, $170.03 million flowed out to North Korea, whereas just $1.68 million flowed in to South Korea. The inflow was comprised of the Mt. Kumgang tourism project ($1.44 million) and cooperation projects ($230,000).

With its total trade with North Korea amounting to $438.81 million during the January-November period of last year, China is expected to maintain its position as North Korea`s biggest trading partner. China racked up $370.36 million in bilateral trade with North Korea in 1999.

Japan fell behind South Korea in its trading volume with North Korea, reaching only $391.94 million during the first 11 months of last year, a slight increase from $350.4 million in 1999.