banner58

North Korea’s trading partner announce to stop buying textiles from isolated nation

NORTH Korea’s long time and important trading partner has officially announced to cut some goods and services offered from the politically isolated Asian nation

banner57

North Korea’s trading partner announce to stop buying textiles from isolated nation

NORTH Korea’s long time and important trading partner has officially announced to cut some goods and services offered from the politically isolated Asian nation

23 September 2017 Saturday 10:06
North Korea’s trading partner announce to stop buying textiles from isolated nation

By Azania Post Reporter

China has officially announced to limit North Korea's oil supply and will stop buying textiles from the Asian nation

According to statement issued by the Chinese commerce ministry , the ban on textiles trade will hurt Pyongyang's income, while China's oil exports are the country's main source of petroleum products.

The move follows fresh sanctions agreed at the UN earlier this month.

China, traditionally North Korea's only ally, toughened its stance in response to North Korea's sixth nuclear test - its largest to date.

A statement further said restrictions on refined petroleum products would apply from 1 October, and on liquefied natural gas immediately.

A limited amount, allowed under the UN resolution, would still be exported to North Korea.

The current volume of trade between the two countries - and how much the new limits reduce it by - is not yet clear.

China and Russia had initially opposed a proposal from the United States to completely ban oil exports, but later agreed to the reduced measures.

The AFP news agency reports that petrol prices in Pyongyang have risen by about 20% in the past two months.

"It was $1.90 yesterday, today it is $2," a petrol station employee told the agency. "I expect the price will go up in the future."

North Korea has little energy production of its own, but does refine some petroleum products from crude oil it imports.

It does produce coal, some $1.2bn of which was exported to China in 2016, but China had already strictly limited its imports of North Korean coal earlier this year.

BBC

Keywords:
North Korea
Comments
Avatar
Your Name
Post a Comment
Characters Left:
Your comment has been forwarded to the administrator for approval.×
<strong>Warning!</strong> Will constitute a criminal offense, illegal, threatening, offensive, insulting and swearing, derogatory, defamatory, vulgar, pornographic, indecent, personality rights, damaging or similar nature in the nature of all kinds of financial content, legal, criminal and administrative responsibility for the content of the sender member / members are belong.