It’s time for another round of “Market Trends,” bringing you weekly updates on the North Korean economy. Monsoon season has hit the Korean Peninsula, and reporter Kang Mi Jin is here to tell us how our brethren in the North are faring.
Hi. Thanks for having me back. During the uptick in texts from the Ministry of Public Safety and Security here about disaster preparedness during the rainy season, I always think about what a big help it would be if there were a comparable system in North Korea.
I worry a great deal about the additional hardship the heavy rains pile on North Koreans every year. There is, however, an upside for the enterprising minds.
What sells well during this season in the market then?
In the six years I’ve lived in South Korea, I only see people sport rain boots when it’s really coming down. Though now it seems to be more a fashion choice more than weather related.
In North Korea, however, people invariably wear galoshes if it’s raining out. Raincoats and umbrellas are popular in rural and urban areas alike and therefore sell well.
One umbrella goes for about 15,000 KPW when demand is high during the rainy season. The rest of the year they run about 2,000 KPW cheaper. Likewise, rain boots are normally around 17,000 KPW but the price spikes to 20,000 during the monsoon season. High-quality variants range from 130,000-150,000 KPW.
Are the raincoats in North Korea standard issue?
Well, North Korean residents prefer rubber raincoats that are more durable over plastic ponchos, which are cheap but flimsy. Rubber raincoats at Hyesan Market in Ryanggang Province currently cost from 60,000-400,000 KPW. Naturally, the price range was lower prior to the rainy season, starting from 39,000 KPW on the cheap end.
These coats mostly come from China. There are those here and there that are manufactured in North Korea, but they’re designed for fishermen and much larger than those for general use. Domestically-produced vinyl ponchos also exist, but I haven’t been able to yet verify the price range.
What about vinyl sheeting? Is it a big seller at this time of year?
Yes, and this year is no different. North Koreans on the whole use vinyl sheeting to patch their roofs before monsoon season hits. This applies to urban and rural denizens alike.
Those in farming communities often use birch bark because it’s easily obtainable and sturdy; others use oil paper. But vinyl sheeting is the cheapest way to get the job done so that’s what most North Koreans do.
Thank you so much for that report. We hope that North Korea will not suffer any devastating floods like last year. We’ll close with the market prices.
A kg of rice cost 5,000 KPW in Pyongyang, Sinuiju, and Hyesan. A kg of corn [kernels] cost 1,300 KPW in Pyongyang, 1,150 KPW in Sinuiju, and 1,200 KPW in Hyesan. The dollar exchange rate was 8,328 KPW in Pyongyang, 8,320 KPW in Sinuiju and 8,325 in Hyesan. The yuan exchange rate was 1,300 KPW in Pyongyang and Sinuiju, and 1,285 KPW in Hyesan. A kg of pork cost 10,000 KPW in Pyongyang, 9,500 KPW in Sinuiju, and 9,000 KPW in Hyesan. A kg of gasoline cost 6,000 KPW in Pyongyang, 7,000 KPW in Sinuiju, and 7,650 KPW in Hyesan. A kg of diesel cost 4,500 KPW in Pyongyang, and 5,500 KPW in Sinuiju, and Hyesan.
*This segment reflects market conditions from from July 1-7.
