With demand for industrial goods noticeably falling in Hyesan’s markets, some industrial goods sellers are switching to sales of second-hand goods, a source in Yanggang Province told Daily NK on Wednesday.
“People are suffering serious economic troubles, so they aren’t even glancing at industrial goods,” he said, speaking on condition of anonymity.
According to the source, industrial goods merchants are having a tough time earning money because they cannot sell even one or two items a week despite going to work every day.
Faced with these circumstances, market sellers have begun selling cheaper second-hand goods instead.
Following the closure of the border in January 2020, Chinese industrial goods disappeared after customs offices closed, and their prices climbed four or five-fold, the source said. “People are focusing their energy on getting by without thinking about buying industrial goods, which has caused trouble for sellers unable to sell their wares,” he added.
One industrial goods seller told the source that, “Market sellers saw one of their colleagues selling second-hand items, so they cleaned up items they had at home and brought them to the market, where they sell at least one item a day. They couldn’t see even a cent before, but now they are pocketing at least KPW 1,000.”
According to the source, industrial goods sellers are asking for KPW 1,000 to KPW 10,000 for the used goods they bring from home.
However, consumers will not buy anything over KPW 5,000, so sellers are having to price their goods under KPW 5,000 if they want to sell them.
In fact, consumers are seeking out stalls selling industrial goods following the circulation of rumors that these stalls sell second-hand goods as well.
“Industrial goods stalls are essentially turning into second-hand goods stalls, and sellers are working hard to sell even just one more item [per day],” the source said.
All this shows not only how bad markets are doing in Hyesan, but also how bad living conditions for people have become, he claimed.
“Sellers wouldn’t be selling used items to make money if business wasn’t so bad. Things will get better for people if the border rapidly reopens and brings in new energy into the markets. People are eagerly waiting for that day.”
Translated by David Black. Edited by Robert Lauler.
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