North Korea

E

Currency and Banking

The monetary unit of North Korea is the won, of 100 chon (2.20 won equalled US$1; early 2008). The official exchange rate bears little relation to the currency’s true worth, which is widely regarded as much less. North Korea has three banks, all state-controlled; the Choson Central Bank is the bank of issue.

F

Commerce and Trade

The bulk of North Korea’s foreign trade throughout the post-war period was with the USSR, China, and other Communist countries. Since the end of the Cold War, however, trade has been diversified to include non-Communist countries, notably Japan, Saudi Arabia, Hong Kong, and Australia. The ending of barter trading with the Soviet Union in 1991 was a severe blow to North Korea’s economy. Minerals, metals, rice, and fish constitute the principal exports (worth about US$805 million in 1995). Petroleum, coal, chemicals, and machinery are major imports (US$1,200 million).

G

Labour

In 2006 the estimated total work force of North Korea was around 11 million, with about 38 per cent of the work force engaged in agriculture. The major industrial and technical trade unions are affiliated with the General Federation of Trade Unions; also important is the Korean Agricultural Working People’s Union. Professional workers, including artists, writers, lawyers, and scientists, have their own trade organizations.

H

Transport

The railway system of North Korea is electrified along 38 per cent of its 8,530 km (5,300 mi) of track. There are about 2006 km (19,387 mi) of roads, of which only 6 per cent are paved. The River Taedong is important to internal trade; the total length of inland waterways is about 2,250 km (1,400 mi). Major ports include Namp’o and Haeju, on the western coast, and Ch’ojin and Wǒnsan, on the eastern coast. There is an international airport at P’yǒngyang.

I

Communications

In 1992 North Korea had some 1.1 million telephones. The government-run Korean Central News Agency is the principal distributing source of news in North Korea; several daily newspapers are published. Radio broadcasting is under the auspices of the Korean Central Broadcasting Committee; television broadcasting was instituted in 1969: some 3 million radios and 1 million televisions were in use in 1997. All media are subject to close government control.