Located in East Asia and historically nicknamed “The Hermit Kingdom” due its isolationist policies, the Democratic People’s Republic of Korea shipped an estimated US$122.2 million worth of goods to its trade partners in 2021.

That dollar amount reflects a -94.1% reduction compared to 2017 and a -34.6% decline from 2020 to 2021.

The 5 biggest exported products from North Korea in 2021 include electrical energy (12.6%), iron ferroalloys (12.3%), processed petroleum oils (6.8%), cars (6.2%), and blood fractions including antisera (4.4%). Combined, that quintet of major North Korean exports represents 42.4% of the country’s overall value of globally exported goods during 2021.

Based on data from Heritage.org, North Korea’s exported goods represent a tiny 0.3% of total North Korean economic output–formally called its Gross Domestic Product on Purchasing Power Parity basis.

North Korea’s Major Trading Partners

The latest available country-specific data shows that 85.6% of products exported from North Korea were bought by importers in: mainland China (43% of the global total), Poland (9%), Tanzania (6.24%), Senegal (6.17%), Luxembourg (4.9%), Nigeria (3.4%), India (3.3%), Zambia (2.61%), Togo (2.6%), Netherlands (2.2%), Spain (2.1%) and Samoa (1.6%).

Tinier percentages from North Korea went to went to Latin America (4.6%) excluding Mexico but including the Caribbean, and North America’s Canada only (0.1%).

From a continental perspective, 41.2% of North Korean exported goods were bought by importers in fellow Asian countries. In second place were buyers in Africa (33.4%) ahead of Europe (20.6%).

Tinier percentages went to Latin America (2.6%) excluding Mexico but including the Caribbean, Oceania (2.3%) led by Samoa and Fiji, and just 0.003% going to Canada in North America.

Given North Korea’s population of 25.8 million people, its total $122.2 million in 2021 exports translates to about $5 for every resident in that country.

North Korea’s average unemployment rate was 2.8% in 2021 according to Heritage.org.

North Korea’s Top 10 Exports

The following export product groups represent the highest dollar value in North Korean global shipments during 2021. Also shown is the percentage share each export category represents in terms of overall exports from North Korea.

1. Mineral fuels including oil: US$23.8 million (19.4% of total exports)
2. Iron, steel: $16.7 million (13.7%)
3. Electrical machinery, equipment: $14.9 million (12.2%)
4. Plastics, plastic articles: $10.1 million (8.3%)
5. Vehicles: $9.1 million (7.4%)
6. Machinery including computers: $7.6 million (6.2%)
7. Pharmaceuticals: $5.9 million (4.8%)
8. Organic chemicals: $5.1 million (4.2%)
9. Aluminum: $4.9 million (4%)
10. Other chemical goods: $3.9 million (3.2%)

North Korea’s top 10 exports accounted for 82.6% of the overall value of its global shipments in 2021.

The fastest grower among North Korea’s most valuable exports were aluminum (up 123.8% from 2020), organic chemicals (up 118.1%) then mineral fuels including oil (up 86.8%).

Leading the decliners among the top 10 North Korean export categories were electrical machinery and equipment (down -70.9% from 2020), miscellaneous chemical goods (down -61.1%) then machinery including computers (down -39.7%).

Products Generating Highest Trade Surpluses for North Korea

The following types of North Korean product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.

In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.

1. Mineral fuels including oil: US$17.5 million (Down by -435.4% since 2020)
2. Iron, steel: $16.7 million (Down by -27%)
3. Electrical machinery, equipment: $14.7 million (Down by -70.9%)
4. Vehicles: $9 million (Down by -25.7%)
5. Machinery including computers: $6 million (Down by -46.7%)
6. Aluminum: $4.9 million (Up by 151.4%)
7. Clocks , watches including parts: $3.3 million (Down by -262.6%)
8. Silk: $2.4 million (Up by 5095.7%)
9. Milling products, malt, starches: $2.2 million (Down by -105.7%)
10. Articles of iron or steel: $1.9 million (Up by 138.1%)

North Korea has highly positive net exports in the international trade of refined petroleum oils and petroleum gas. In turn, these cashflows indicate North Korea’s strong competitive advantages under the mineral fuels including oil category.

Products Causing Worst Trade Deficits for North Korea

North Korea incurred an overall -$119.2 million trade deficit for 2021, down by -68.8% from the -$381.4 million deficit one year earlier in 2020.

Below are exports from North Korea that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country North Korea’s goods trail North Korean importer spending on foreign products.

1. Rubber, rubber articles: -US$28.3 million (Up by 19.9%)
2. Fertilizers: -$22.8 million (Up by 361.6%)
3. Tobacco, manufactured substitutes: -$21.9 million (Down by -44.8%)
4. Plastics, plastic articles: -$20.1 million (Down by -10.6%)
5. Animal/vegetable fats, oils, waxes: -$10.7 million (Down by -87.3%)
6. Pharmaceuticals: -$10.5 million (Down by -45.4%)
7. Soaps, washing preparations, lubricants, waxes: -$9.04 million (Up by 34.5%)
8. Coffee, tea, spices: -$8.96 million (Down by -8.8%)
9. Manmade staple fibers: -$8 million (Down by -21.2%)
10. Inorganic chemicals: -$7.8 million (Down by -45.8%)

North Korea has highly negative net exports and therefore deep international trade deficits for rubber both as a material and items made from rubber.

North Korean Export Companies

Not one North Korean corporation ranks among Forbes Global 2000.

According to global trading e-commerce platform Alibaba, the following are examples of exports-related companies from North Korea.

• Elpis Corporation (engine oil)
• Groon Co. Ltd (metal scrap including electronics scrap)
• Hai Dan (cosmetics)
• Kim’s Enterprise & Supplying Co. Ltd (construction machinery)
• Korea Ryonghung Trading Corporation (anthracite coal, lead)
• KQ Earphone (earphones, headphones)
• Pishon Technology (LCD panels)

 
sNorth Korea’s capital city is Pyongyang, nicknamed the “Capital of Willows”.

See also South Korea’s Top 10 Exports, China’s Top 10 Imports and Capital Facts for Pyongyang, North Korea

Research Sources:
Forbes 2020 Global 2000 rankings, The World’s Biggest Public Companies. Accessed on June 2, 2022

Heritage.org, 2021 Index of Economic Freedom: North Korea (GDP based on Purchasing Power Parity)

. Accessed on June 2, 2022

International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on June 2, 2022

Investopedia, Net Exports Definition. Accessed on June 2, 2022

The World Factbook, Country Profiles, Central Intelligence Agency. Accessed on June 2, 2022

Trade Map, International Trade Centre. Accessed on June 2, 2022

Wikipedia, List of Companies of North Korea. Accessed on June 2, 2022

Wikipedia, North Korea. Accessed on June 2, 2022