North Korea is set to face it's toughest economic sanctions yet.

The United Nations Security Council has just passed a resolution banning a number of exports from the rogue nation, which will see its annual $3 billion export revenue slashed by a third.

US ambassador to the UN Nikki Haley told the Security Council that North Korea's actions have proven to be quite costly to the regime.

"This resolution is the single largest economic sanctions package ever levelled against the North Korean regime," she said.

The deal has been agreed by the United States and China, aiming to cut off the money supply for the rogue nation's missile programme.

It targets exports of coal, iron, lead and seafood - the vast majority of which goes to China.

Ms Haley told the Security Council her country will also take steps to defend itself and its allies.

"The North Korean threat has not left us. It is rapidly growing more dangerous," she said.

"We've seen two [Intercontinental Ballistic Missiles] fired in just the last month."

CNN's Elise Labott said the US is also using diplomatic pressure on North Korea, at the ASEAN summit in the Philippines.

"[The US are] trying to isolate the foreign minister from these types of meetings, saying that North Korean is clearly engaged in some very provocative and destabilising behaviour and doesn't belong in a security forum like ASEAN."