China trade with North Korea up 10.5 percent in first half of 2017

A Chinese flag flies near the Friendship bridge connecting the North Korean town of Sinuiju and Dandong in China’s Liaoning province. (Reuters)
Updated 13 July 2017
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China trade with North Korea up 10.5 percent in first half of 2017

BEIJING: China’s trade with North Korea rose more than 10 percent during the first half of the year despite pressure from the US for Beijing to put further pressure on its troublesome neighbor.
Total trade with Pyongyang reached $2.55 billion (SR9.56 billion) in the period from January to June, propped by a 29.7 percent increase in exports to $1.67 billion. Imports from North Korea meanwhile fell 13.2 percent to $880 million.
US president Donald Trump has criticized China’s ties with the North Korean government, saying its economic interests undermined its ability to challenge president Kim Jong-un’s totalitarian rule.
“Trade between China and North Korea grew almost 40 percent in the first quarter. So much for China working with us — but we had to give it a try,” Trump said in tweet last week.

China has repeatedly said it was fully enforcing UN sanctions but saw nothing wrong with what it said was “normal” trade with Pyongyang, referring to areas not covered by sanctions.
The exports were largely driven by textile products and other traditional labor-intensive goods not included on the UN embargo list, a Chinese official said.
“As neighbors, China and North Korea maintain normal business and trade exchanges,” customs spokesman Huang Songping said, and added that goods for ordinary people and those used for humanitarian reasons were not subject to sanctions.
China had suspended imports of North Korean coal in February, while imports of iron ore follow relevant UN resolutions, he said.
Trade between China and North Korea has declined in both 2015 and 2016, an academic from a state-backed think-tank said a front-page comment in the overseas edition of the People’s Daily on Wednesday.
“Certain countries have no right to make wanton criticisms of China,” wrote Su Xiaohui of the China Institute of International Studies.


Saudi POS stays above $4bn as Ramadan spending lifts outlays on home goods

Updated 48 min 36 sec ago
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Saudi POS stays above $4bn as Ramadan spending lifts outlays on home goods

RIYADH: Saudi point-of-sale transactions remained above $4 billion in the week ending Feb. 14, with spending on furniture and home supplies rising ahead of Ramadan, central bank data showed.

Overall POS activity totaled SR15.34 billion ($4.09 billion), representing a 4.8 percent week-on-week decrease, while the number of transactions dipped 1.6 percent to 252 million, according to the Saudi Central Bank. 

Spending on furniture and home supplies rose 5.9 percent to SR697.35 million, marking the strongest weekly increase among major retail categories. 

Expenditure on electronics increased 2.9 percent, while spending on construction and building materials rose 1.1 percent.

Sectors that saw declines includes freight transport and courier services, which posted a drop of 5 percent to SR64.86 million.

Pharmacy and medical supplies spending fell 8.2 percent to SR223.81 million, but outlays on medical services rose 5.7 percent to SR539.68 million. 

Food and beverage expenditure decreased 4.3 percent, but the total spend of SR2.57 billion meant it retained the largest share of POS activity.

Restaurants and cafes followed with SR1.73 billion, despite a 4.7 percent decline. Apparel and clothing outlays represented the third-largest share of POS spending during the monitored week, up 0.5 percent to SR1.38 billion.

The Kingdom’s major urban centers mirrored the mixed national changes. Riyadh, which accounted for the largest share of total POS spending, saw a 3.4 percent drop to SR5.32 billion. The number of transactions in the capital reached 80.7 million, down 0.8 percent week on week. 

In Jeddah, transaction values decreased 4.4 percent to SR2.12 billion, while Dammam reported a 3.3 percent decrease to SR746.29 million. 

POS data, tracked weekly by SAMA, provides an indicator of consumer spending trends and the ongoing growth of digital payments in Saudi Arabia.  

The data also highlights the expanding reach of POS infrastructure, extending beyond major retail hubs to smaller cities and service sectors, supporting broader digital inclusion initiatives.  

The growth of digital payment technologies aligns with Saudi Arabia’s Vision 2030 objectives, promoting electronic transactions and contributing to the Kingdom’s broader digital economy.