The vexed US-North Korea ties have adversely affected the US exports to Korea by almost nothing in comparison to previous year. In response to a second nuclear test on May 25 this year by North Korea, the US along with the UN had re-imposed sanctions on the communist Korea in June.
According to the US Department of Commerce, the first seven months of this year was able to ship just about $400,000 worth of products to North Korea during the January-July period, down from $52.2mn for the entire year of 2008. Last year’s exports to Korea was largely food products including $43.4mn of cereals followed by $4.6mn worth of oil seeds, fruits and grain seeds, and $2.2mn of animal and vegetable fats and oils.
In the past decade, last year has witnessed the highest growth in bilateral trade with hopes of resolution on nuclear disarmament by the communist state. The total value of the US exports to N. Korea for the past decade is $120mn, with the US importing $100,000 worth of goods each in 2000 and 2002 and $1.5mn in 2004.
Likewise, North Korea reacted to the trade embargo clamped by the world body and the US by boycotting the six-nation talks on ending its nuclear weapons programs. Lately, after confirming its successful completion of the nuclear tests, N. Korea is understood to have shown interest in re-starting the nuclear disarmament negotiations.
Similarly, the US also hopes to resolve the deadlock by reviving the six-party nuclear disarmament talks despite a naval clash between the two Koreas which almost jeopardized the plans of sending its envoy to N. Korea. Last week, naval vessels from the two Koreas exchanged fire for the first time in seven years near their disputed maritime border.
Next month, Stephen Bosworth, special representative from the US to North Korea is expected to visit Pyongyang for bringing back it to the six-party talks which involves South Korea, the US, China, Japan and Russia. According to South Korea’s Yonhap News Agency, Bosworth while attending a US-South Korean business conference in Washington on the first week of this month had confirmed that he would be travelling to North Korea by the end of the year.
Toboc Trade News