Korea: A Land Divided Economics

North Korea Official Name: Democratic People’s Republic of Korea (DPRK) The government of North Korea is secretive about its economic performance. They limit the information which is released both to their own population, as well as the outside world. A 2005 estimate of North Korea’s GDP is $40 billion.

Currency of North Korea Currency: North Korean Won (KPW) Symbol: 조 As of November 17, 2006, 1 US Dollar is equal to 2.20 KPW. 1 Won = 100 jon There are three types of currency in North Korea. The first is local currency, which comes in banknotes and coins. (This money cannot be converted into foreign currency.) There are also two types of currency for use by foreigners. Foreigners exchanging hard currency receive banknotes, which are green for won and blue for jon. Foreigners exchanging `nonconvertible' currency (such as countries in the former Communist block and the third world) receive banknotes, which are red for won and pink for jon.

South Korea Official Name: Republic of Korea. Based on GDP, the economy of South Korea is the 14th largest in the world. (http://en.wikipedia.org/wiki/Economy_of_South_Korea) A 2005 estimate of South Korea’s GDP is $1.101 trillion.

Currency of South Korea Currency: Won (KRW) Won’s symbol: 'W' As of November 17, 2006, 1 US Dollar is equal to 940 W.

Resources of North Korea THE DEMOCRATIC PEOPLE'S REPUBLIC OF KOREA (DPRK, or North Korea) possesses extensive economic resources. Natural resources: The primary natural resources of North Korea are: coal, lead, tungsten, zinc, graphite, magnesite, iron ore, copper, gold, pyrites, salt, fluorspar (a mineral), hydropower (water power). Agriculture: The main agricultural products of North Korea include: rice, corn, potatoes, soybeans, beans, cattle, pork, and eggs.

Industry of North Korea Land is owned collectively (as a group, rather than individually, the way it is in the United States). Industries are run by the government, rather than by private companies. The main industries in North Korea are: military products machine building energy (electric power) natural resources: agriculture.

Resources of South Korea The Republic of Korea (South Korea) possesses fewer natural resources than North Korea. Natural resources: The primary natural resources of South Korea are: coal, tungsten (a mineral), graphite (a mineral), molybdenum (a metal), lead, hydropower (water power). Agriculture: Although not a large part of the economy, South Korea produces the following agricultural products: rice, root crops, barley, vegetables, fruit, cattle, pigs, chickens, milk, eggs, and fish.

Industry of South Korea Unlike North Korea, in South Korea land is privately owned, and industries are run by private companies. The main industries in South Korea are: electronics, automobile production, chemicals, shipbuilding, steel, textiles, clothing, footwear, food processing energy (hydropower/waterpower) service industries (such as insurance, restaurants, hotels, laundries, public bath houses, health-related services, and entertainment establishments) tourism (such as the 1988 Seoul Olympics).

North Korean Interdependence with Other Countries The main countries to which North Korea sends exports are: China, Japan, and South Korea. The main countries from which North Korea receives imports are: China, Thailand, Japan, Germany, South Korea, Vietnam, and Cuba.

South Korean Interdependence with Other Countries The main countries to which South Korea sends exports are: China, Japan, and Hong Kong. The main countries from which South Korea receives imports are: China, Japan, and Saudi Arabia.

Glossary GDP: Gross Domestic Product. “The GDP of a country is defined as the market value of all final goods and services produced within a country in a given period of time.” http://en.wikipedia.org/wiki/Gross_Domestic_Product GDP = consumption + investment + government spending + (exports − imports) Hard currency: a currency in which investors have confidence (such as US dollars).

Useful Links to Learn More about North Korea http://www.photius.com/countries/korea_north/economy/index.html http://www.kimsoft.com/dprk.htm http://www.loc.gov/rr/international/asian/northkorea/northkorea.html http://en.wikipedia.org/wiki/Economy_of_North_Korea https://www.cia.gov/cia/publications/factbook/geos/kn.html http://www.nlgsolutions.com/packages/show_country.asp?countryid=KP List of North Korean Companies: http://en.wikipedia.org/wiki/List_of_North_Korean_companies Money conversion website: http://coinmill.com/KPW_USD.html

Useful Links to Learn More about South Korea http://en.wikipedia.org/wiki/Economy_of_South_Korea http://news.yahoo.com/s/ap/20061118/ap_on_re_as/bush https://www.cia.gov/cia/publications/factbook/geos/ks.html#Econ http://www.nlgsolutions.com/packages/show_country.asp?countryid=KR List of South Korean Companies: http://en.wikipedia.org/wiki/List_of_South_Korean_companies Money conversion website: http://coinmill.com/KrW_USD.html