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Trucks loaded with mineral extracts blocked from entering China

first_img Facebook Twitter NewsEconomy US dollar and Chinese reminbi plummet against North Korean won once again News Trucks loaded with mineral extracts blocked from entering China There are signs that North Korea is running into serious difficulties with its corn harvest North Korea Market Price Update: June 8, 2021 (Rice and USD Exchange Rate Only) News center_img Chinese authorities began prohibitingmineral exports from North Korea on March 1st in a move not strictly related tothe passing of UN Security Council Resolution 2270, which outlines sanctionsagainst North Korea. North Korean authorities and foreign-earning currency enterprises tied to the military did not see this move comingand expressed embarrassment and shock. In a telephone conversation with the DailyNK on March 4, a source from North Pyongan Province said, “Beginning on March1, mineral exports such as coal and ore have not been allowed to pass throughChinese customs into China. Trucks loaded with mineral deposits have been idlywaiting in front of Chinese customs near Dandong. The foreign trading companiesare simply waiting for instructions from the higher authorities.” Two separate sources, also based in NorthPyongan Province, verified these claims.“Foreign-currencyearning companies began hearing rumors that mineral exports would be blockedfrom entering China back in February, but they simply didn’t believe it. Theauthorities did not make an official announcement or put forward a policy.Instead, senior officials have simply remarked that it will be necessary tostop exports of minerals for the time being,” the source continued.“Some crafty business cadres raised thepossibility of using sea-routes to smuggle the product in with Chinese foreigntraders, but their Chinese counterparts rejected such proposals. Some NorthKorean merchants have posited, “Maybe they’re playing hardball to get us tolower prices to rock bottom?”    China participatedin United Nations sanctions after North Korea’s first, second, and thirdnuclear tests, she explained, but there was no special impact on trade. North Korean cadresexpected that this time around would be no different and that the efficacy ofthe sanctions would eventually fizzle and fade to nothing. North Korean traders therefore expected nosignificant difference as they sent mineral exports through the North Koreanborder town of Sinuiju into the Chinese city of Dandong. They were in for asurprise when the door was slammed shut. The regime has yet to come up with aneffective countermeasure or policy response, which cadres take as a sign thatthe road will open up again in the near future, according to the source. Across the board, there are expectations of “short-term export restrictions,” but some have voiced concerns that therestrictions might become long term. If developments continue down this road,the military foreign-currency earning enterprises and North Korean authoritieswho have been making a handsome profit on mineral exports are going to be givena significant blow. “Coal and mineral exports have been animportant source of funding for the Korean Workers’ Party. Kim Jong Un needsforeign currency to prepare for the upcoming 7th Party Congress and companiesneed foreign currency in order to issue the bribes that guarantee theirsurvival. This turn of events comes as bad news to all of them. This mightforce authorities to turn to other sources of funding in order to ready for the7th Party Congress, including perhaps illicit methods such as the smuggling andselling of illegal drugs,” she said. “If the long-term export restrictionsbankrupt the mineral companies, many innocent workers will lose a source ofincome. Merchants and residents connected to the export companies in variousways will struggle to find new jobs. Kim Jong Un cannot discount the resentmentthat this will cause.” On March 2, the United Nations SecurityCouncil unanimously adopted a resolution which enacts strong sanctionsrequiring that all cargo exported from and imported to North Korea beinspected. The resolution also bans the export of jet fuel, blocks the trade ofminerals, freezes financial assets, and restricts the trade of luxury items,etc.  SHARE News RELATED ARTICLESMORE FROM AUTHOR AvatarDaily NKQuestions or comments about this article? Contact us at [email protected] By Daily NK – 2016.03.07 10:43am last_img read more