Trade volumes between North and South Korea increased noticeably in the first two months of 2012, despite the ongoing enforcement of the May 24th Measures.
Korea Customs Service revealed the news today, announcing that in January and February of this year the total inter-Korean turnover reached $320 million, a 36% increase over last year’s $235 million.
This included $160 million in goods going to North Korea and the same amount in imports from North Korea, to $160 million from $126 million last year.
Trade volumes have grown despite the fact that both general and processing trade have been restricted by the May 24th Measures, with the exception of the Kaesong Industrial Complex, which has continued to grow.
Of the total, raw materials sent to the North for use in the garments industry were worth $52 million dollars, followed by electrical products ($49 million) and machinery (29million).
Imports back to South Korea of finished clothing were worth $66 million, followed by electrical products ($50 million) and machinery ($9 million).
