(Jeonbuk=Yonhap News) Reporter Baek Do-in = It has been revealed that the recent sharp increase in the price of rice in the market has only filled the coffers of the agricultural cooperatives' RPC (Grain Comprehensive Processing Center) instead of the farmers.
According to the national audit materials received by Democratic Party of Korea Representative Lee Won-taek (Jeonbuk Gunsan-Kimje-Buan) from the National Federation of Agricultural Cooperatives, the 123 agricultural cooperatives' RPCs across the country have raised 1 trillion 625 billion won in revenue from purchasing 2024 rice.
After spending 1 trillion 939.4 billion won on rice procurement last year's harvest, they raised 3 trillion 20 billion won in sales, resulting in a profit rate of 54.8%.
Among these, nearly half, 59 RPCs, procured rice at a lower price than the previous year, thereby achieving a 66% profit margin.
Although the retail price of rice this year has surged by about 30% compared to last year, the profit has entirely gone to the agricultural cooperatives' RPCs.
Representative Lee Won-taek stated, "A structure has been formed where the RPCs secure rice at a low purchase price and sell it at a high price to make a large profit margin," and urged, "When the profit margin in the distribution stage increases due to the skyrocketing price of rice, institutional mechanisms should be established to share the profit with the farmers."