South Korea's rice production decline continues

Published 2024년 11월 11일

Tridge summary

South Korea is experiencing a decrease in domestic rice production, with milled rice production forecasted to be 1.2% lower in marketing year 2024-25 due to government incentives for farmers to grow alternative crops. This has led to a projected decrease in total rice consumption and an increase in reliance on imports. The government is also working to increase domestic wheat production to reduce reliance on imports, building a new milling facility in Gumi, North Gyeongsang Province. Corn production is also expected to decline, with increased reliance on imports, and the United States is expected to maintain or increase its share of the corn market due to competitive pricing.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Domestic rice production is continuing its slow decline in South Korea as the government incentivizes farmers to switch to planting alternate crops while also fostering a domestic wheat industry, according to a report from the Foreign Agricultural Service (FAS) of the US Department of Agriculture. In marketing year 2024-25, South Korea’s milled rice production is forecast at 3.6 million tonnes, 1.2% below the 2023-24 estimate of 3.7 million tonnes, based on a nationwide survey by Statistics Korea (KOSTAT), the FAS said. Rice planted area in 2024-25 is estimated down 1.5% to 698,000 hectares with a marginal increase in yield from favorable weather and uncertain damage from a late-season pest infestation. Total rice consumption in 2024-25 is projected to be 3.95 million tonnes, down from 4.18 million tonnes the previous year with ending stocks at 1.24 million tonnes. “This third straight year of reduced rice production reflects the government’s policies to replace rice acreage with ...

Source: UkrAgroConsult