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North Korea

Overview

North Korea operates as one of the last centrally planned economies with a GDP (PPP) of $15.416 billion in 2023 and a per capita income of $600. The economy has been severely impacted by COVID-19, crop failures, international sanctions, and isolationist policies, resulting in declining growth and trade. It is heavily reliant on China for both exports (74% of export partners) and imports (97% of import partners). Economic data integrity issues and poor exchange rate stability characterize the macroeconomic environment.

Exports

Fake hair (Top export commodity by value (2023))Iron alloys (Second top export commodity (2023))Tungsten ore (Third top export commodity (2023))Electricity (Fourth top export commodity (2023))Cars (Fifth top export commodity (2023))

Imports

Processed hair (Top import commodity by value (2023))Plastic products (Second top import commodity (2023))Garments (Third top import commodity (2023))Fabric (Fourth top import commodity (2023))Soybean oil (Fifth top import commodity (2023))

Strengths

Hydroelectric generation capacity: 62.5% of total installed capacity (2023), providing a renewable energy foundationCoal reserves: 10.6 billion metric tons of proven reserves (2023), supporting domestic energy securityMining sector diversity: extraction of coal, iron ore, limestone, magnesite, graphite, copper, zinc, lead, and precious metalsLow headline unemployment: 2.9% officially reported (2023-2024), though data integrity is questionableAgricultural production base: diverse crops including maize, rice, vegetables, potatoes, and soybeans (2023)

Dependencies

China dominance: 74% of exports and 97% of imports are with/from China, creating critical single-partner dependencyEnergy infrastructure: only 54.7% electrification of total population (2022), indicating incomplete energy accessProcessed goods imports: reliance on China for processed hair, plastic products, garments, and fabric rather than raw materialsAgricultural vulnerability: susceptibility to crop failures noted as ongoing economic constraintInternational isolation: subject to sanctions and isolationist policies limiting alternative trade partnerships

Trade impact

North Korea's trade profile reveals extreme concentration and limited global economic integration. With China accounting for 97% of imports, the country functions as a near-captive market for Chinese goods and a minimal export outlet. Exports of tungsten ore and iron alloys represent raw material extraction with limited value-addition, while imports of processed hair and garments suggest assembly or re-export activities. The economy's isolation means negligible direct impact on global commodity markets or supply chains; however, its energy resources (coal reserves of 10.6 billion metric tons) and mineral wealth remain underutilized due to sanctions and central planning constraints. As a marginal trader representing 0.007% of global GDP, North Korea neither significantly influences international markets nor benefits meaningfully from global trade networks.

Sources: CIA World Factbook - North Korea Economy · World Bank Open Data - North Korea (KP)

North Korea

📋Overview

📈Economy

📤Exports

📥Imports

💪Strengths

🔗Dependencies

⚖Trade impact

🏢Top contributors to GDP