Ministry of Agriculture, Food and Rural Affairs expands agri-food exports by providing additional support for logistics costs in South Korea

Published 2021년 10월 12일

Tridge summary

The South Korean Ministry of Agriculture, Food and Rural Affairs is taking steps to address the challenges of insufficient shipping space and rising freight rates, a significant barrier for agri-food exports. In response to the COVID-19-induced downturn in the industry, the ministry plans to extend its logistics support for agri-food exports beyond the United States. The initiative includes securing more shipping space and providing additional subsidies for logistics costs. Starting in the next month, agri-food vessels will be operated to Australia, expanding from the current routes in the Americas, Europe, and Southeast Asia. Furthermore, the ministry will offer subsidies for air freight logistics costs, aiming to alleviate the financial strain on producers and exporters caused by the global logistics disruption.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Lack of shipping space Taking the lead in solving the problem of rising freight rates The government will provide additional support for logistics costs from this month to December to expand agricultural food exports. The Ministry of Agriculture, Food and Rural Affairs announced on the 12th that it plans to expand export logistics support to solve the problem of insufficient shipping space and rising freight rates, which are a major obstacle to export of agri-food. Previously, the Ministry of Agriculture, Food and Rural Affairs has secured the volume (200TEU per month) of agro-food-only vessels for ships on US routes through an agreement with HMM, and has provided additional logistics costs of 5% to exporters who use them. However, as the agri-food export industry is in deep trouble due to the re-spreading and prolonged COVID-19, the Ministry of Agriculture, Food and Rural Affairs has issued additional support measures. As part of that, the Ministry of Agriculture, Food and Rural ...
Source: Aflnews

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