{"id":56156,"date":"2018-01-06T05:56:10","date_gmt":"2018-01-06T05:56:10","guid":{"rendered":"https:\/\/www.biphoo.com\/bipnews\/?p=56156"},"modified":"2018-01-06T05:56:10","modified_gmt":"2018-01-06T05:56:10","slug":"north-koreas-new-trading-ally-mongolia-and-kim-hit-record-high-as-china-tightens-trade","status":"publish","type":"post","link":"https:\/\/www.biphoo.com\/bipnews\/world-news\/north-koreas-new-trading-ally-mongolia-and-kim-hit-record-high-as-china-tightens-trade.html","title":{"rendered":"North Korea’s new trading ally? Mongolia and Kim hit record high as China tightens trade"},"content":{"rendered":"

North Korea’s new trading ally? Mongolia and Kim hit record high as China tightens trade<\/span><\/strong><\/span><\/h2>\n

NORTH Korea and Mongolia trade reached a record high last year because of an increase in the dictator-run states tobacco imports.<\/span><\/p>\n

Figures released by the Korea Trade-Investment Promotion Agency (KOTRA) showed that trade between the two countries has increased by 43 per cent to reach \u00a31.69 million ($2.29 million).<\/span><\/p>\n

The increase in trade was largely because of Mongolia\u2019s exports to North Korea, which stood at \u00a31.4 million ($1.92 million) which was up 55 per cent from a year ago.<\/span><\/p>\n

During the same period imports increased by 2.1 per cent to \u00a3270,000 ($370,000).<\/span><\/p>\n

Tobacco was the most exported item from Mongolia to North Korea, which accounted for 92.2 per cent of the total.<\/span><\/p>\n

Mongolia has been exporting tobacco to North Korea since 2016.<\/span><\/p>\n

Medicine was the most exported item from the hermit kingdom to Mongolia.<\/span><\/p>\n

It come as China’s commerce ministry and customs authorities said they have tightened their trade restrictions with North Korea, in accordance with UN sanctions against Pyongyang.<\/span><\/p>\n

Beijing will limit exports of iron, steel and other metals, as well as on industrial machinery and transport vehicles to North Korea.<\/span><\/p>\n

China, who is widely regarded as the hermit kingdoms main trading partner and energy supplier, will also limit crude oil and refined petroleum supplies.<\/span><\/p>\n

According to China\u2019s Commerce Ministry, the ban will begin on today, on January 6.<\/span><\/p>\n

The UN Security Council decided last month to impose new penalties on North Korea for its intercontinental ballistic missile test.<\/span><\/p>\n

This included setting tougher limits on refined petroleum products and crude oil supplies to Pyongyang.<\/span><\/p>\n

In the past, Beijing has repeatedly acted as Pyongyang\u2019s diplomatic protector however, North Korea’s recent reckless behaviour has begun to drive a wedge between the two nations.<\/span><\/p>\n

The UN measure also demands the repatriation of all North Koreans working abroad within 24 months.<\/span><\/p>\n

Chinese leaders, including President Xi Jinping, have resisted previous US pleas for an outright oil embargo but agreed to the latest limit.<\/span><\/p>\n

Under the latest restrictions, Chinese companies will only be allowed to export 4 million barrels of oil and 500,000 barrels of refined petroleum products per year.<\/span><\/p>\n

They are barred from supplying the dictator run-state with military or weapons programs.<\/span><\/p>\n

Some North Korean exports to China will also be restricted, including equipment, grain, timber and other agricultural products.<\/span><\/p>\n

Those goods that had been sent prior to the sanctions imposed on December 23rd must be released by customs before January 24th.<\/span><\/p>\n

In late December, Donald Trump accused China of violating the sanctions order by exporting oil to North Korea, after a media report alleged illegal supplies of oil to North Korean vessels at sea.<\/span><\/p>\n

China denied the reports but Mr Trump claimed that they had been caught \u201cred-handed\u201d.<\/span><\/p>\n

SourceL-\u00a0https:\/\/www.express.co.uk\/news\/world\/900885\/north-korea-kim-jong-un-world-war-3-mongolia-khaltmaagiin-battulga-tobacco-china<\/span><\/p>\n

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