An Overview of North Korea's Economy Through Its Balance of Payments
BySoo-Ho Lim [Institute for National Security Strategy]
▶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 future FER will likely be the ongoing Russian-Ukrainian war.
