Global grain supply and demand instability: South Korea's emergency light is highly dependent on foreign countries
Regulation & Compliances
Grains, Cereal & Legumes
Market & Price Trends
Published Oct 12, 2023
The text highlights the increasing importance of food security due to climate change and disruptions in international grain trade. Korea, with a grain self-sufficiency rate of 21%, is highly dependent on foreign countries for its food supply. The proposed Food Security Act aims to address these concerns by focusing on stable supply and demand measures and increasing self-sufficiency goals for essential food items.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.
[Reporter Ahn Hyeong-jun, Korea Farmers and Fishermen Newspaper] As disasters due to climate change increase, the importance of food security is emphasized. It is predicted that harvests in major grain producing areas such as the United States, Australia, and Argentina will be below average this year due to hot and dry weather. In addition, the fact that international grain trade was put on hold due to the Russia-Ukraine war also acts as a threat. Korea has a grain self-sufficiency rate of 21% and is highly dependent on foreign countries. Fortunately, the Food Security Act has been proposed in the National Assembly and is receiving attention. In the case of rice, consumption is decreasing every year. On the other hand, consumption in the rice processing industry is increasing along with the development of various products. Along with the analysis of the Food Security Act proposed in the National Assembly, stable supply and demand measures and cases of the rice processing industry ...