Preemptive supply and demand management to stabilize fruit prices and fastest ever ‘rice harvest season plan’ in South Korea

Published Oct 10, 2024

Tridge summary

The Ministry of Agriculture, Food and Rural Affairs in South Korea is implementing a preemptive supply and demand management policy to address the instability of agricultural product prices. The ministry is introducing measures such as a rice harvest season plan, a Korean-style farmer income and management safety net, and a plan to pre-isolate 20,000 hectares of rice cultivation area to stabilize supply and demand during the harvest season. The ministry is also taking measures to revitalize the rice processing industry and Korean beef industry, and expanding an income stabilization insurance to guarantee not only harvest loss but also income decrease due to price declines.
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Original content

The Ministry of Agriculture, Food and Rural Affairs is implementing a preemptive supply and demand management policy to respond to the instability of agricultural product prices. In response to the decline in rice prices, it also introduced the fastest ever ‘rice harvesting season plan’ and a ‘Korean-style farmer income and management safety net.’ First, Minister of Agriculture, Food and Rural Affairs Song Mei-ling visited the Asan Fruit Distribution Center (APC) in South Chungcheong Province and the Garak-dong Agricultural and Marine Products Wholesale Market in Seoul on September 1 and 2 to check the status of major fruit shipments. In the case of apples, prices skyrocketed early this year due to the decrease in production that has continued since last year. Accordingly, the Ministry of Agriculture, Food and Rural Affairs has been paying attention to supply and demand since the beginning of the year by promoting the ‘Apple Safety Project.’ As a result, apples were supplied ...
Source: Nongmin
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