The UN has implemented further sanctions against North Korea, limiting its oil imports and its apparel exports. Panjiva data shows China imported $724 million of apparel in 2016 from North Korea, or 28% of China’s total. That likely reflects assembly of garments from $374 million of natural and manmade fabrics and fibers exported to North Korea by China. Put another way, the sanctions cut $350 million of net export income for North Korea. Further limits on Chinese exports to North Korea will be needed for sanctions to be effective – China currently has a $1.2 billion trade surplus vs. No...