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The government of South Korea is struggling to stop market isolation due to the prospect of rice shortage

Updated Feb 1, 2023
It is said that the government is struggling to stop the market quarantine while the price of rice in the production area remains weak. The Ministry of Agriculture, Food and Rural Affairs re-estimated the rice supply and demand situation this year based on the announcement of rice consumption by the National Statistical Office on the 27th of last month. The Grain Supply and Demand Stabilization Committee was held to decide whether or not to continue purchasing grains isolated from the market. When estimating the amount of rice demand last year, the per capita annual rice consumption was estimated at 55.6 kg, but the National Statistical Office announced on the same day that it was 56.7 kg, an increase of 1.1 kg. However, there are voices of concern in the agricultural world about the announcement of the Ministry of Agriculture, Food and Rural Affairs. This is because the price of rice in mountainous regions, which was expected to rebound after the announcement of market isolation on September 25 last year, has been showing a weak trend since October.
Concerns are raised that if the government announces an end to the market quarantine while the market price continues to decline, albeit slightly, the opportunity for a rebound in rice prices will be lost. In fact, according to data from the National Statistical Office's survey of rice prices in producing regions, the price of 20 kg of grain was 40,393 won on September 25 last year, but after the government's announcement of a market quarantine, it surprisingly rebounded to record 47,145 won on October 5. However, after that, it shows 46,941 won on October 15, 46,869 won on November 5, 46,767 won on November 25, 46,624 won on December 15, 46,535 won on December 25, etc. indicates concordance. An official from the Agricultural Cooperative Federation said, "Demand has increased more than expected, but the current price of rice is showing a weak trend and is falling short of farmers' expectations." can,” he said. There are also opinions that there is no need to extend the purchase ...
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