Amid North Korea sanctions, China border traders losing money

Large-scale trade involving North Korean iron ore and coal has been banned entirely, dealing a big blow to Dandong's port

By: AP | New Delhi | Updated: November 4, 2017 1:15 pm
China, north korea, North Korea tensions, chinese navy, live fire drills China has long been the North’s biggest economic partner. Representational Image (Reuters)

Chinese traders are complaining about new UN sanctions on North Korea, saying they have all but dried up business in the border city of Dandong, reports news agency AP.

They say they’re unable to collect payment from impoverished North Korean state companies for goods such as toothpaste, instant noodles and other household items.

Large-scale trade involving North Korean iron ore and coal has been banned entirely, dealing a big blow to Dandong’s port, whose operator defaulted on a $ 150 million corporate bond.

China has long been the North’s biggest economic partner. Beijing accounted for more than 90 percent of its neighbor’s foreign trade of about $ 6.5 billion in 2016, and continues to be a key source of food and fuel aid to help keep North Korea’s weak economy from collapsing.

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