South Korea Will Buy More Domestic Rice to Boost Prices

Friday, 29/09/2017, 13:30 GMT+7

The government of South Korea will buy 720,000 tons of domestic rice, including around 350,000 tons of rice for reserve and 370,000 tons of rice to maintain market rice prices, this year according to local media citing information from the agriculture ministry.

In 2016, South Korean government had purchased about 299,000 tons rice; then, due to oversupply, market prices fell to a 21-year low.

"Although the official rice production data hasn't been announced, this year's purchase volume for market stabilization is expected to exceed the extra amount produced," Agriculture Minister Kim Young-rok said in a press briefing. "As the government plans to buy enough rice to separate it from the market, I expect it would help stabilize rice prices."

The South Korean government also plans to join the Food Assistance Convention (FAC) this year to ship 50,000 tons of rice overseas annually.

Source: Oryza

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