SEOUL, KOREA - The October trade volume between the two Koreas has recovered to the 80-percent level from the same month last year. This is entirely due to the resumption of the operations in the Kaesong Industrial Complex.

 

According to the Ministry of Unification and the Korea Customs Service on November 24, the preliminary volume of exports and imports between South and North Korea during the month of October was US$152.15 million. This is equivalent to 80.9 percent of $188.13 million reached in October 2012.

 

As the South and North halted all economic cooperation programs except the one in Kaesong since May 24, 2010, all the trade volume is accounted for by the output originating from Kaesong. Since the closure of the South Korean company-run factories in the city close to the demilitarized zone in April this year, all trade relationships were frozen. For example, the bilateral trade volume in June this year amounted only to $23,000.

 

Since the September 16 reopening of the industrial complex, the volume has slowly regained as raw materials and intermediate goods moved north and finished goods flowed south. The amount destined to Kaesong in October was $82.64 million, almost identical to that of last year at $82.78 million. As for the volume coming to the south, it remained at a 66-percent level ($69.51 million) of last year's ($15.36 million).