Rice cultivation area reduced by 37,000 ha in South Korea's rice price stabilization target

Published 2023년 3월 9일

Tridge summary

The government of a certain country has announced plans to reduce the rice cultivation area by 37,000 hectares in an effort to prevent a decrease in rice prices. This is part of a larger strategy to achieve a stable rice market by maintaining a set cultivation area of 690,000 hectares. The strategy includes the use of a direct payment system for strategic crops and incentives for reducing rice cultivation, with a goal to spend 112.1 billion won for these initiatives in 2023. Additionally, the government aims to increase the self-sufficiency rate of domestic wheat from 1% to 5% by 2025, allocating 40.3 billion won for this effort and setting a target to increase the government's wheat stockpile to 50,000 tons by 2027.

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Original content

The government has decided to reduce the rice cultivation area by 37,000 hectares this year from last year to prevent a drop in rice prices. The self-sufficiency rate of domestic wheat, currently at 1%, will be raised to 5% by 2025. The Ministry of Agriculture, Food and Rural Affairs announced on the 8th that it would reduce the planting area by 37,000 hectares from last year to achieve the proper rice cultivation area of 690,000 hectares this year. The purpose is to stabilize the price fluctuations, such as last year's rice price, which fell the most in 45 years, and then rose again during the harvest season. Last year, to prevent the price of rice from plummeting, the government spent about 2 trillion won to buy a total of 900,000 tons of new rice and old grain. The government has set a goal of reducing the cultivated area by 16,000 hectares through the direct payment system for strategic crops introduced this year. Direct payment for strategic crops is a system that pays direct ...

Source: Donga