Tofu companies face difficulties securing imported soybeans... Ministry of Agriculture, Food and Rural Affairs "reviewing additional supply"

(Seoul=Yonhap News) Reporter Kim Yoon-gu = The Ministry of Agriculture, Food and Rural Affairs announced on the 20th that it is considering measures to supply additional imported soybeans.

This comes amid concerns that some tofu companies may face production disruptions as the volume of imported soybeans this year has decreased by approximately 10,000 tons compared to last year, and they are unable to secure imported soybeans.

The Ministry of Agriculture, Food and Rural Affairs announced in May that, starting this year, in order to increase the self-sufficiency ratio of food, it would not import additional soybeans beyond the basic volume (250,000 tons) of the TRQ (tariff rate quota with low rates). However, it had previously imported and supplied an additional 27,000 tons based on a demand survey from the industry.

The industry heavily relies on cheaper imported soybeans, with domestic soybean prices reaching three times the price of imported soybeans.

The Ministry of Agriculture, Food and Rural Affairs stated, "We are considering measures to supply additional quantities by the end of the year to resolve industry difficulties" and "We will strive to ensure smooth supply through communication with the imported soybean processing industry."

It also added that it has supplied domestically stockpiled soybeans at a price discounted by 33% compared to the purchase price to help imported soybean companies switch their raw materials.