North Korea blocked borders due to Corona 19, food shortage worsened

Published Mar 9, 2021

Tridge summary

Last year, North Korea's trade with China significantly decreased due to border closures for COVID-19 quarantine measures, leading to a 68% decline in the agricultural sector and a rise in imports of raw and subsidiary materials for food. The Korea Institute for International Economic Policy (KIEP) reports that the decrease in agricultural imports and production has likely worsened the welfare of North Korean residents, with the unit price of imports falling in 2020 as the country focused on supply rather than quality. Additionally, North Korea saw a decrease in fertilizer imports, which could impact agricultural production capacity, and an increase in imports of raw and subsidiary materials for food processing, likely due to a localization policy, changes in food culture, and food shortages.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

[Korea Rural Newspaper Reporter Lee Byung-seong] Last year, trade with China drastically decreased, the agricultural sector declined 68%, increasing the proportion of imports of raw and subsidiary materials for food. It is explained that this is because North Korea closed its borders with coronavirus quarantine measures, which drastically reduced trade in all items including China and the agricultural sector last year. The Korea Institute for International Economic Policy (KIEP) recently published a report,'Evaluation and Prospect of North Korea-China Trade in 2020: Focusing on the Impact of Corona 19 on the North Korean Economy'. In this report, it is estimated that the welfare of the residents would have deteriorated last year due to a decrease in agricultural imports in North Korea and a decrease in agricultural production. According to the report, North Korea's trade was severely contracted due to sanctions against North Korea and the coronavirus, resulting in imports to China ...
Source: Agrinet

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