It is said that the number of North Korean trade workers contacting Chinese traders (traders) asking for information on sales channels for minerals produced in North Korea has increased significantly recently. It appears that North Korean trading companies are looking for mineral export channels to raise insufficient foreign currency.
According to a Daily NK source on North Korea on the 28th, inquiries from North Korean trade workers looking for a way to export North Korean minerals to Chinese traders have continued to increase since the second half of this year.
North Korean minerals that North Korean trade workers want to export to China include gold ore, iron ore, zinc, copper, and molybdenum. In other words, we are requesting the export of almost all mineral resources produced in North Korea.
The source said, “North Korean trade workers are in a panic because they cannot sell minerals,” and “they are trying hard to find a company that can accept the minerals.”
The fact that North Korean trade workers are doing everything they can to find sales channels to sell minerals to China can be interpreted as an attempt to secure insufficient foreign currency.
In fact, it is understood that North Korean authorities have also issued instructions to medium to large trading companies to expand mineral exports.
Previously, this newspaper quoted a source in Pyongyang as saying that the North Korean cabinet had issued instructions to large trading companies such as Chosun Mangyeong Stone Rock Trading Company and Eunha Mineral Water Trading Company to expand exports of major mineral resources such as iron ore and coal. (See related article: North Korea orders “expand mineral exports” despite sanctions against North Korea)
It is reported that the cabinet at the time issued instructions and explained that foreign currency should be secured through export expansion and the economy should be stabilized through this method.
Although North Korean trade workers are frequently contacting Chinese traders to find mineral export channels, it is known that not many Chinese traders are willing to purchase North Korean minerals. The source explains that this is because the Chinese government bans private imports of North Korean minerals.
In the past, Chinese fishing crews were also said to have participated in mineral smuggling by transporting North Korean minerals on ships on the high seas and selling them back in China.
However, currently, the Chinese government has installed CC (closed circuit) TVs in various places in ports and is thoroughly monitoring what goods are being transported by ships coming and going, and North Korean products, especially those made in contact with North Korean ships on the high seas or without prior notification, are subject to sanctions against North Korea. It is said that if you bring in illegal items, you will be subject to fines and even criminal punishment.
The source said, “If you are caught importing North Korean-sanctioned items into China through smuggling with North Korea, you may be fined up to 5 million yuan (about 1 billion won).”
Despite this situation, some believe that the fact that North Korean trade workers continue to ask Chinese traders to sell minerals indicates that they are in desperate need of foreign currency.
“Chinese counterparts believe that North Korea is in dire need of foreign exchange,” said the source. “If minerals are imported into China at low prices, those who trade in China can make some money, but the Chinese government is cracking down so thoroughly that they cannot do anything.” “It’s not easy to wait,” he said.
Source: www.dailynk.com
