Philippines halts trade with North Korea

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The Philippines, North Korea’s fifth-largest source of imports, will suspend all trade with the pariah state in order to comply with a UN Security Council (UNSC) resolution on trade sanctions following Pyongyang’s repeated missile tests.

“We can confirm we have suspended trade relations with North Korea,” Philippine Foreign Affairs Secretary Alan Peter Cayetano said on September 8 after a meeting with the US ambassador to the Philippines, adding that “we will fully comply with the UNSC resolution including the economic sanctions.”

Last year, North Korea imported $28.8 million worth of products from the Philippines, an increase of 80 per cent from 2015, while Manila’s imports from Pyongyang surged 170 per cent to $16.1 million. According to the Philippine Department of Trade and Industry, the country’s main exports to North Korea were computers, integrated circuited boards, bananas and garments.

North Korea, in turn, mainly exported coal, iron and other ores, minerals, non-knit clothing, electrical components and processed food to the Philippines.

North Korea’s top export destination, outnumbering others by far, is China with an export value of $2.34 billion or around 83 per cent of all export, according to 2015 data by the CIA World Factbook. China is followed by India ($97.8 million in exports), Pakistan ($43.1 million), Burkina Faso ($32.8 million) and a number of Asian countries and regions including the Philippines, Malaysia, Singapore and Hong Kong.

A very small part of exports of around four per cent went to Europe, Africa, Latin America and the Caribbean. North America, mainly Mexico, bought a mere 0.2 per cent of North Korean exports.

The top import sources for North Korea are China ($2.95 billion), India ($108 million), Russia ($78.2 million), Thailand ($73.8 million) and the Philippines.

Tension on the Korean peninsula escalated in the recent past as North Korea’s leader Kim Jong-un has stepped up the development of weapons in defiance of UN sanctions. The country has tested a series of missiles this year, including one that flew over Japan, and conducted its sixth and biggest nuclear test with what was believed to be a hydrogen bomb on September 3.

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The Philippines, North Korea's fifth-largest source of imports, will suspend all trade with the pariah state in order to comply with a UN Security Council (UNSC) resolution on trade sanctions following Pyongyang's repeated missile tests. "We can confirm we have suspended trade relations with North Korea," Philippine Foreign Affairs Secretary Alan Peter Cayetano said on September 8 after a meeting with the US ambassador to the Philippines, adding that "we will fully comply with the UNSC resolution including the economic sanctions." Last year, North Korea imported $28.8 million worth of products from the Philippines, an increase of 80 per cent...

Reading Time: 2 minutes

The Philippines, North Korea’s fifth-largest source of imports, will suspend all trade with the pariah state in order to comply with a UN Security Council (UNSC) resolution on trade sanctions following Pyongyang’s repeated missile tests.

“We can confirm we have suspended trade relations with North Korea,” Philippine Foreign Affairs Secretary Alan Peter Cayetano said on September 8 after a meeting with the US ambassador to the Philippines, adding that “we will fully comply with the UNSC resolution including the economic sanctions.”

Last year, North Korea imported $28.8 million worth of products from the Philippines, an increase of 80 per cent from 2015, while Manila’s imports from Pyongyang surged 170 per cent to $16.1 million. According to the Philippine Department of Trade and Industry, the country’s main exports to North Korea were computers, integrated circuited boards, bananas and garments.

North Korea, in turn, mainly exported coal, iron and other ores, minerals, non-knit clothing, electrical components and processed food to the Philippines.

North Korea’s top export destination, outnumbering others by far, is China with an export value of $2.34 billion or around 83 per cent of all export, according to 2015 data by the CIA World Factbook. China is followed by India ($97.8 million in exports), Pakistan ($43.1 million), Burkina Faso ($32.8 million) and a number of Asian countries and regions including the Philippines, Malaysia, Singapore and Hong Kong.

A very small part of exports of around four per cent went to Europe, Africa, Latin America and the Caribbean. North America, mainly Mexico, bought a mere 0.2 per cent of North Korean exports.

The top import sources for North Korea are China ($2.95 billion), India ($108 million), Russia ($78.2 million), Thailand ($73.8 million) and the Philippines.

Tension on the Korean peninsula escalated in the recent past as North Korea’s leader Kim Jong-un has stepped up the development of weapons in defiance of UN sanctions. The country has tested a series of missiles this year, including one that flew over Japan, and conducted its sixth and biggest nuclear test with what was believed to be a hydrogen bomb on September 3.

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