Prices of some goods have risen significantly in North Korea just recently; this is according to various news sources. The price increases came on as a result of North Korea’s continuation of its border closure and a stalled foreign trade deals with other countries as the hermit state continues to take efforts to prevent the global pandemic from spreading heavily within its own borders.
Prices for food along with other imported goods in the country have gone up significantly, with items like shampoo now selling at a huge price of $200 at markets in Pyongyang, and bananas which are imported selling at $45 a kilogram. Other reports have also suggested that the prices of both corn and rice have gone up in recent weeks. The price has risen from 3,000 won to almost 4,000 won per kg between 2nd June and 6th June while corn prices have almost reached the 3,000 won mark.
The country may be facing problems with its corn harvest; one report has surfaced suggesting that the hermit state may be facing a severe shortage of food of up to 1.35 million tons.
The fluctuations of price have also led to the rise of prices for staple foods on the exchange rate to get foreign currency. Prices have always changed daily for some time now with the cost of rice in the capital dropping from $1.04 kilogram to $0.94 in just a day alongside a drop in their exchange rate for American dollars from 6,100 won to 5,300 in just a day.
North Korea was one of the countries in the world to begin widespread lockdowns in the country after the global pandemic reached its borders and this has also included a halt in their foreign trade. These efforts have had a significant blowback on the country’s economy as well as the food situation in the country.
The imports of grains have reduced greatly while the lack of imported goods has led to shelves in the capital being virtually empty.
North Korean president Kim Jong Un has taken note of the challenges and recently had a meeting with the country’s politburo on how to remedy the country’s challenges as well as convening a meeting for the Worker’s party of the country’s Central Committee.
Some actions which seem to point at a resumption of foreign trade in North Korea have surfaced recently, this includes the return of numerous goods to shelves in Pyongyang.