Chongjin is one of the DPRK's important steel and fiber industry centers. It has a shipyard, a locomotive plant, and a rubber factory. Near the port area are the Chongjin Steel Co., Chemical Textile Co., May 10 Coal Mine Machinery Factory, and Kimchaek Iron & Steel (which was called Nippon Steel during the Japanese occupation); however industrial activities in the city have been severely handicapped due to a lack of resources. Despite this, however, Chongjin is estimated to have a 24 percent share of the DPRK's foreign trade and is home to a resident Chinese consul who serves Chinese merchants and businesspersons operating in the northeast of the country. Chongjin also contains Sunam Market, an example of market economics in North Korea.