China Bans Textile, LNG Trade With North Korea
Xu Wei
/SOURCE : Yicai
China Bans Textile, LNG Trade With North Korea

(Yicai Global) Sept. 25 -- China said it will ban textile imports from North Korea and exports of liquefied natural gas and condensates to that country, and will limit exports of refined oil products headed there from October 1 to comply with new sanctions that the United Nations Security Council passed last week.

The UN member countries should limit their exports of refined petroleum products to North Korea to 500,000 barrels from October 1 to December 31, the Chinese Ministry of Commerce and the General Administration of Customs said. From January 1 next year, exports of refined petroleum products to North Korea should not exceed 2 million barrels per year, they said.

Chinese government authorities will put a stop to exports of refined petroleum products as the upper limit nears in accordance with the situation, they said.

China has also banned textile imports from North Korea, and no longer approves exports of condensate oil to North Korea.

Textiles are one North Korea's major exports. Last year it exported USD752 million of textiles, making them the country's second-largest export after coal and other minerals, Korea Trade-Investment Promotion Agency data show. The country sent nearly 80 percent of such textiles to China.

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Keywords: UN , North Korea , Banning