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South Korea: Gyeongnam provincial assembly proposal to the government to isolate the rice market for excess production this year

경남도의회, '올해 초과 생산 쌀 시장격리' 대정부 건의안
This news article has been translated to English.
South Korea
Regulation / Agreement
Supply Yield / Stock Quantity
Nov 30, 2021
From Yna
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(Changwon = Yonhap News) Reporter Hwang Bong-gyu = The Agriculture, Marine and Fisheries Committee of the Gyeongnam Provincial Assembly held a meeting on the 30th and adopted the 'Government Proposal to Call for Early Market Quarantine of Oversupply due to Overproduction of Rice in 2021'. The proposal contains a content that urges the government to take preemptive measures when rice prices are expected to fall due to overproduction of rice, which is expected to cause difficulties for farmers. The Agricultural and Maritime Affairs Commission explained that nationwide rice production this year was 3882,000 tons, exceeding the expected demand of 3.57 million to 3.62 million tons. If it exceeds the range of 7-8% compared to the demand, it meets the conditions of 'market isolation' specified in the 'Regulations on Establishment and Implementation of Measures for Stabilization of Supply and Demand for Grain', the government guideline, but the government is hesitant to intervene for reasons of price stability. above said. “The spread of COVID-19 is exacerbating the difficulties of farmers, but the government has adopted the proposal only to solve the problem through economic and market logic,” said Ok Eun-sook, chairman of the Agricultural and Maritime Affairs Committee. Until then, we will do our best to come up with alternatives with the farmers.”
The proposal adopted on this day will be processed at the plenary session of the 390th regular meeting to be held on the 14th of next month.
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