South Korea: All onion TRQ imports 110,000 tons, is there a place for domestic production?

In the second half of this year, the government announced that it would carry out tariff-rate quota (TRQ) imports of 90,000 tons of fresh onions for the purpose of stabilizing prices. If all the planned imports are met, this year's TRQ imports are expected to exceed 110,000 tons, raising concerns that the market erosion by Chinese onions will accelerate. ◆The government promotes 90,000 tons of onion TRQ import = The Ministry of Strategy and Finance announced the price stabilization policy for the second half of this year at the ‘27th Emergency Economy Vice Ministers Meeting’ held on the 7th. Bang Ki-seon, 1st Vice Minister of Strategy and Finance, who presided over the meeting, said, “We will continue efforts to stabilize prices by increasing the amount of onion TRQ so that price and employment stability can be further strengthened in the second half of the year.” The amount of fresh onion TRQ announced by the government on the day is 90,000 tons. Subsequently, on the 10th, the ...