▶ The foreign exchange reserves (FER) of North Korea at the end of 2023 are estimated to be well below $8.0-8.5 billion. ▶ Given the rapid increase in imports since the end of the COVID-19 pandemic, along with the volume of private FER, the FER held by North Korean authorities appears to be insufficient and is likely to be quickly depleted. ▶ A critical factor in determining North Korea's f...

▶ Decline in Trade Volume and Diversity: Despite China's dominance in North Korea's trade, bilateral trade volumes have declined post-COVID-19 and have yet to recover to pre-pandemic levels. The number of traded commodities has also decreased, with North Korea exporting and importing fewer products compared to 2018–2019. ▶ Reliance on Low-Value Processing Trade: North Korea’s export growth h...