Russian invasion impact: South Korea seeks alternative grain strategies to prevent shortages

Published 2022년 3월 21일

Tridge summary

The article highlights the significant reliance of South Korea on Ukrainian and Russian grain exports, with these countries accounting for a substantial portion of the global wheat exports and sunflower meal stocks. The ongoing conflict between Russia and Ukraine is causing concerns about the stability of the international grain supply chain, which could lead to price hikes and disruptions. In response, South Korea's Ministry of Agriculture, Food and Rural Affairs (MAFRA) is implementing countermeasures to ensure the stable supply of international grains. These measures include supporting the private sector in securing overseas grain distribution networks, expanding stockpiles of major grains, and diversifying import sources. Additionally, MAFRA is considering reducing interest rates and expanding the scale of support for national raw material purchase funds to mitigate the impacts of the crisis on the domestic market.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Prior to the start of the war, Ukraine and Russia were major grain suppliers in the global food supply chain, together making up over 30% of global wheat exports and over 75% of sunflower meal stocks, in addition to Ukraine being a key corn exporter. For South Korea, the impacts from Ukrainian grain exports are the most worrying as these make up upwards of 10% of its wheat and corn imports, and the loss of these would negatively impact both the local food and feed sectors, in addition to the supply instability resulting in skyrocketing grain prices in general. “The Ministry of Agriculture , Food and Rural Affairs (MAFRA) Food Industry Policy Office has chaired a committee on International Grain Supply and Demand Countermeasures with participation from other ministries, the local industry and associations, financial and agricultural research institutions and other experts, [and] has found it necessary to implement countermeasures in response to the Russia-Ukraine crisis,” MAFRA ...

Source: Food Navigator Asia