False eyelashes ‘made in China’ really made in North Korea: Report

From Time Fortune Magazine:

North Korean beauty products, including false eyelashes and wigs, are being sold globally under the label “Made in China,” aiding the country’s economic recovery. China-based firms import semi-finished products from North Korea, complete and package them, and sell them to markets in the West, Japan, and South Korea. This process helps North Korea bypass international trade sanctions.

In 2023, North Korea exported about 1,680 tons or $167 million of false eyelashes, beards, and wigs to China, a significant increase from the $31.1 million exported in 2019. These goods accounted for nearly 60% of the nation’s declared exports to China, and North Korea’s exports to China more than doubled in 2023, according to Chinese customs data.

Anwita Basu, head of Europe Country Risk for BMI, estimates that North Korea’s economy could expand by 0.5% in 2024 due to growing trade with China. Basu is among the few economists who track North Korea’s economy.

If you want to learn more about all things crypto, check out Fortune’s Crypto Crash Course for short, easy-to-read lesson cards.



Read more: False eyelashes ‘made in China’ really made in North Korea: Report