The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
  • Hangzhou Asian Games
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
  • Hangzhou Asian Games
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
  • Login
  • Register
  • Login
  • Register
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
  • 1

    Scientists find green way to turn CO2 into fuel with sunlight

  • 3

    BLACKPINK's contract renewal still in limbo

  • 5

    Kim Jong-un's rejection of Russia's food assistance irritates North Korean defectors

  • 7

    INTERVIEWVirtual K-pop group MAVE: is more than just pretty pixels

  • 9

    Foreign employees rewarded for contribution to Korea's shipbuilding industry

  • 11

    Lawmakers want to grill business tycoons over decision to rejoin FKI

  • 13

    Arrest warrant hearing for DPK leader Lee to be held Tuesday

  • 15

    Korea hammers Thailand to clinch men's football knockout berth

  • 17

    Yoon signs off on plan to waive expressway tolls during Chuseok holiday

  • 19

    JSW in talks with LG Energy Solution to make EV batteries in India: sources

  • 2

    N. Korea holds politburo meeting to discuss Kim-Putin summit: KCNA

  • 4

    BTS member Suga begins mandatory military service

  • 6

    Opposition party in turmoil as leader could be arrested on Tuesday

  • 8

    Korea boosts subsidies to rev up falling EV sales

  • 10

    Russia lodges protest to S.Korean envoy over Yoon's UN speech

  • 12

    Disney+ aims to expand investment in original Korean content

  • 14

    Hebrew University students travel to Korea to explore musical landscape

  • 16

    Appellate court upholds 9-yr prison term for man over filming, distributing sexual videos featuring women

  • 18

    Gov't reviews changing description of Fukushima wastewater

  • 20

    'Songpyeon' for low-income families

Close scrollclosebutton

Close for 24 hours

Open
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
Sun, September 24, 2023 | 09:12
Companies
Korea grapples with excess rice
Posted : 2022-08-16 08:32
Updated : 2022-08-17 11:28
Lee Kyung-min
Print PreviewPrint Preview
Font Size UpFont Size Up
Font Size DownFont Size Down
  • facebook
  • twitter
  • kakaolink
  • whatsapp
  • reddit
  • mailto
  • link
gettyimagesbank
gettyimagesbank

By Lee Kyung-min

The government is expected to struggle to find storage facilities for excess rice that it plans to purchase from farmers, a longstanding problem compounded further by this year's good harvest thanks to favorable weather conditions, according to market watchers, Monday.

Local consumption of the staple crop is unlikely to climb, mostly because many Koreans associate rice intake with weight gain.

The stagnating demand overwhelmed by supply is the reason the government and farmers tussle every year over how much excess rice should be bought with taxpayer money.

Under the law, the government can buy rice if the excess volume is more than 3 percent of the annual estimate or if the price falls by over 5 percent from average figures.

Korea produced 3.8 million tons of rice last year, up 10.7 percent from 2020. This year's estimate is 3.8 million tons, whereas the estimate for consumption is likely to be 3.5 million tons.

Shortage of storage facilities

Data from Rep. Choi Chun-sik of the ruling conservative People Power Party and a member of the National Assembly's Agriculture, Food, Rural Affairs, Oceans, and Fisheries Committee showed that the rice inventory managed by National Agricultural Cooperative Federation stood at 610,000 tons, as of last month. This is twice that of last year's figure, which was at about 300,000 tons.

The two-fold increase has led to a third of the country's storage becoming full, a reason why the lawmaker says the government should build new storage facilities.

"Many farmers are concerned that agricultural cooperatives nationwide will not be able to accept excess rice ahead of this year's autumn harvest season," he said.

More rice, he added, should be bought by the government, which he said was a critical step to maintaining food self-sufficiency.

"The government should expand assistance to help farmers and storage operators with maintenance costs to keep the quality of the staple crop high."

The Ministry of Agriculture, Food and Rural Affairs announces policy measures every year to counter plummeting rice prices.

The ministry-affiliated Rural Development Administration developed floury rice to better utilize excess rice. It is easier to store and more suited to food processing and is, therefore, considered a better way to reduce the import of wheat. The ministry plans to replace as much as 10 percent of imported wheat with floury rice.

Increased use of the new rice, it added, will contribute to bolstering the country's food self-sufficiency needs.


Emaillkm@koreatimes.co.kr Article ListMore articles by this reporter
 
miguel
Top 10 Stories
1Scientists find green way to turn CO2 into fuel with sunlight Scientists find green way to turn CO2 into fuel with sunlight
2Kim Jong-un's rejection of Russia's food assistance irritates North Korean defectors Kim Jong-un's rejection of Russia's food assistance irritates North Korean defectors
3Opposition party in turmoil as leader could be arrested on Tuesday Opposition party in turmoil as leader could be arrested on Tuesday
4Korea boosts subsidies to rev up falling EV sales Korea boosts subsidies to rev up falling EV sales
5Foreign employees rewarded for contribution to Korea's shipbuilding industry Foreign employees rewarded for contribution to Korea's shipbuilding industry
6Russia lodges protest to S.Korean envoy over Yoon's UN speech Russia lodges protest to S.Korean envoy over Yoon's UN speech
7Lawmakers want to grill business tycoons over decision to rejoin FKI Lawmakers want to grill business tycoons over decision to rejoin FKI
8Gov't reviews changing description of Fukushima wastewater Gov't reviews changing description of Fukushima wastewater
9'Songpyeon' for low-income families 'Songpyeon' for low-income families
10Big insurers up for sale, but financial conglomerates appear disinterested Big insurers up for sale, but financial conglomerates appear disinterested
Top 5 Entertainment News
1BLACKPINK's contract renewal still in limbo BLACKPINK's contract renewal still in limbo
2[INTERVIEW] Virtual K-pop group MAVE: is more than just pretty pixels INTERVIEWVirtual K-pop group MAVE: is more than just pretty pixels
3Hebrew University students travel to Korea to explore musical landscape Hebrew University students travel to Korea to explore musical landscape
4[INTERVIEW] Seoul's increased art market momentum brings Sotheby's back to Korea INTERVIEWSeoul's increased art market momentum brings Sotheby's back to Korea
5[INTERVIEW] 'Cobweb' director questions meaning of cinema INTERVIEW'Cobweb' director questions meaning of cinema
DARKROOM
  • Turkey-Syria earthquake

    Turkey-Syria earthquake

  • Nepal plane crash

    Nepal plane crash

  • Brazil capital uprising

    Brazil capital uprising

  • Happy New Year 2023

    Happy New Year 2023

  • World Cup 2022 Final - Argentina vs France

    World Cup 2022 Final - Argentina vs France

CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Contact Us
  • Products & Services
  • Subscribe
  • E-paper
  • RSS Service
  • Content Sales
  • Site Map
  • Policy
  • Code of Ethics
  • Ombudsman
  • Privacy Statement
  • Terms of Service
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group