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Korea

Feb 25, 2005

North-South Korean trade projected to rise

SEOUL - Inter-Korean trade is expected to increase this year, due to the development of Kaesong Industrial Complex built by South Korea in North Korea, according to a trade group here.

According to the Korea International Trade Association (KITA), trade between the two Koreas surged 34.7% on-year to US$42.42 million in January.

The South exported $22.64 million worth of goods to the North, up 41.9%, and imported $26.78 million worth from it, up 29.2%, KITA said on Thursday.

In line with the development of the Kaesong Industrial Complex, the South sent mainly industrial machinery like forklifts, while the North traded needlework products ahead of the Lunar New Year, KITA added.

"Despite the recent standoff surrounding the North's nuclear weapons project, the development of the Kaesong Industrial Complex has been carried out steadily and increasing the exchange of goods between the South and the North," a KITA official said on condition of anonymity.

In 2004, inter-Korean trade dropped 3.8% from the previous year to $697 million.

South Korea has so far authorized 15 labor-intensive businesses to move into the Kaesong Industrial Park to take advantage of the North's cheap but skilled labor. The complex, located just a few kilometers over the heavily fortified border, represents the crowning accomplishment of the 2000 historic inter-Korean summit.

(Asia Pulse/Yonhap)

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