The trade relationship between Russia and North Korea in 2024 has seen several notable developments, reflecting both economic and geopolitical strategies:
- Economic Cooperation Agreement: In November 2024, North Korea and Russia agreed to expand their economic cooperation, following high-level talks in Pyongyang. This agreement was aimed at broadening trade, economic, scientific, and technological collaborations. However, the specifics of these agreements were not detailed in public statements.
- Increase in Charter Flights: There was an agreement to increase the number of charter flights between the two countries to boost tourism. This included not only flights from Russia's eastern regions close to North Korea but also from major cities in other areas, suggesting an intent to enhance direct people-to-people and economic exchanges.
- Trade Growth: Official data from earlier in 2024 indicated that Russian businesses sought to import goods from a record number of North Korean companies, highlighting a growing demand for North Korean products like ginseng, cosmetics, and sweets despite international sanctions. This suggests Russia is looking to diversify its trade partners amidst Western sanctions.
- Specific Exports: Russia exported significant quantities of flour and corn to North Korea in early 2024, aimed at addressing food shortages within North Korea. This move was part of a broader exchange where North Korea might be providing military support or goods in return.
- Military and Technological Cooperation: There have been strong indications of military cooperation, with North Korea potentially supplying Russia with munitions, including artillery shells and missiles, in exchange for economic aid, food, and possibly military technology. This relationship is seen as a strategic move by both nations against Western sanctions and in the context of Russia's involvement in Ukraine.
- Strategic Partnership Treaty: A comprehensive strategic partnership treaty was signed in June 2024 between Russia and North Korea, which includes mutual military assistance obligations, showcasing a deepening of their strategic relationship. This treaty could have implications for trade, particularly in military and dual-use technologies.
- Energy and Food Aid: Russia has been noted for providing North Korea with refined petroleum and food supplies, which are critical for North Korea's economy, especially in light of the international sanctions that have been in place.
- Economic Impact: The economic benefits from this trade for North Korea, while not fully detailed, could help alleviate some pressures from sanctions, although the broader impact on North Korea's economy remains to be seen given the secretive nature of its economic data.