It is not easy to find good quality and distinctly North Korean souvenirs, particularly since you don't get much chance to wander around away from the prying eyes of your guide. A superb souvenir would be one of the lapel pins featuring Kim Il-sung or Kim Jong-il (or both). The quality is nothing to shout about, but it's a valuable keepsake because it is in theory illegal to get your hands on it. I didn't manage to, but it is definitely worth a shot.
A runner-up gift would be other pins and badges featuring the Arirang festival or other commemorative events (such as the 2000 North-South Summit). The dolls of North Korean ladies should be a last resort. If you happen to take the train out to Dandong, China, you would be able to find nice albums featuring commemorative stamps from North Korea. A tacky but generally well-received present to those at home.
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