North Korea’s black market dollar rate breaks all-time record as China trade expands
North Korea’s black market exchange rate for the U.S. dollar broke 70,000 North Korean won for the first time in recorded history in April 2026, surging nearly 30% in just two weeks as expanding China trade drove up foreign currency demand and sent prices for food, fuel, and imported goods sha
North Korea’s black market exchange rate for the U.S. dollar broke 70,000 North Korean won for the first time in recorded history in April 2026, surging nearly 30% in just two weeks as expanding Chinatrade drove up foreign currency demand and sent prices for food, fuel, and imported goods sharply higher across the country’s informal markets.
Daily NK’s regular survey of North Korean market prices found that as of April 12, the won-dollar rate in Pyongyang’s jangmadang (informal markets that operate outside the state distributionsystem) had reached 70,100 North Korean won, up 29.3% from 54,200 North Korean won recorded on March 29. Markets in Sinuiju in North Pyongan province and Hyesan in Ryanggang province also crossed the 70,000-won threshold. Daily NK has tracked North Korean market prices since 2009, and this is the first time the dollar rate has exceeded that level.
The won-yuan rate also rose sharply, though by a smaller margin. As of April 12, the won-yuan rate in Sinuiju and Hyesan stood at 8,530 North Korean won and 8,550 North Korean won respectively, up roughly 12.4% and 12.5% from two weeks earlier.
Expanding China trade fuels dollar demand
Analysts point to a surge in North Korea-China trade activity as the primary driver of the exchange rate spike. North Korea has been actively courting Chinese investment in recent months. Daily NK previously reported that the Ministry of External Economic Affairs has been using a joint North Korea-China trading company called the Central Materials Exchange to develop a large commercial complex spanning approximately 68,000 square meters in Pyongyang’s Hwasong district, alongside a parallel effort to build supporting international logistics infrastructure.
As signs of accelerating economic cooperation with China have multiplied, North Korean trading institutions, trade workers, and donju (North Korea’s wealthy private entrepreneurs) have all been moving to acquire foreign currency. Real demand for Chinese yuan needed to settle cross-border transactions has combined with anticipatory buying, pushing exchange rates up rapidly.
The currency shock has transmitted directly to import prices. Gasoline and diesel, both largely imported, traded in Pyongyang’s markets at 77,700 North Korean won and 72,600 North Korean won per kilogram as of April 12, up 30.2% and 25.6% respectively from March 29 prices of 59,700 North Korean won and 57,800 North Korean won per kilogram. The fuel price increases outpaced the exchange rate rise, a reflection of rising global oil prices linked to instability in the Middle East, which has increased North Korea’s import costs and reduced available supply volumes.
Imported foodstuffs tracked a similar trajectory. Cooking oil and sugar each jumped roughly 25% and 29% over the same two-week period. As of April 12, one kilogram of cooking oil in a Pyongyang market sold for 84,100 North Korean won and one kilogram of sugar for 83,900 North Korean won.
Domestically produced staples also climbed to record highs. Rice reached 31,300 North Korean won per kilogram in Pyongyang as of April 12, up 23.7% from 25,300 North Korean won on March 29. Markets in Sinuiju and Hyesan also recorded rice prices above 31,000 North Korean won per kilogram. Corn rose to 9,700 North Korean won per kilogram in Pyongyang, a gain of 11.5% over the same period, though the pace of increase remained below that of rice.
Analysts attribute the food price surge to a combination of factors: seasonal production lows, depleted grain stockpiles, and a contraction in imported food supply as the weaker won raises the effective cost of bringing goods in from China.
A Note to Readers
Reporting from inside North Korea
Daily NK operates networks of sources inside North Korea who document events in real-time and transmit information through secure channels. Unlike reporting based on state media, satellite imagery, or defector accounts from years past, our journalism comes directly from people currently living under the regime. We verify reports through multiple independent sources and cross-reference details before publication.
Our sources remain anonymous because contact with foreign media is treated as a capital offense in North Korea — discovery means imprisonment or execution. This network-based approach allows Daily NK to report on developments other outlets cannot access: market trends, policy implementation, public sentiment, and daily realities that never appear in official narratives.
Maintaining these secure communication channels and protecting source identities requires specialized protocols and constant vigilance. Daily NK serves as a bridge between North Koreans and the outside world, documenting what’s happening inside one of the world’s most closed societies.
