Beijing\’s purchases from North Korea sink as coal ban bites

BEIJING, May 23 (Reuters): China's imports of North Korean goods in April fell below $100 million to the lowest in nearly three years, data showed on Tuesday, after China stopped buying coal from the isolated country and as calls mount for further economic sanctions.
Neighboring China is North Korea's biggest trade partner, and the data indicates that China's halt of North Korean coal imports on Feb. 26 is having an impact and curbing Pyongyang's ability to raise hard currency through exports.
The world's second-largest economy bought goods worth $99.3 million in April from North Korea, the lowest monthly tally since at least June 2014, according to Chinese customs data. Previous data was not available.
That compares with $114.6 million in March and $167.7 million a year earlier.
A fifth of the April total was iron ore imports, which hit 285,000 tonnes, their highest since August 2014. That was up 10 per cent from a month earlier and 2-1/2 times higher than a year earlier.
US President Donald Trump has been urging China to put more pressure on North Korea to step back from its nuclear and missile programmes, and lavished praise on President Xi Jinping last month for efforts to do so. [Read More]

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Source: The Financial Express


 

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