North Korea-China Trade Surpasses $15 bn in H1 2024

North Korea and China recorded a combined trade volume of $15.687 billion in the first half of 2024, a 19.6% rise from the same period a year earlier and the highest level since 2017. The surge was driven by a $11.828 billion increase in North Korean imports from China, up 12.7%, while exports from North Korea to China grew 54% to $3.2408 billion. The trade imbalance widened, leaving North Korea with a deficit of roughly $8.5 billion, slightly larger than the previous year.

Analysts note that the growing deficit reflects a structural mismatch where imports far outpace exports, raising questions about how Pyongyang will finance the shortfall. They point to possible funding through Russian trade, illicit cyber‑revenue streams, or other non‑official channels as the regime seeks foreign exchange for Chinese goods.