Public Stockpiled Rice Purchase Price Increases by 14.3% Compared to Last Year

Confirmed Price of 75,140 KRW per 40kg Sack for Grade 1

[Asia Economy Yeongnam Reporting Headquarters Reporter Park Saeyan] The purchase price for the 2020 public stockpiled rice has been finalized at 75,140 KRW per 40kg sack based on the first-grade paddy rice standard, according to the harvest season farm gate rice price (216,484 KRW/80kg).

This is 14.3% higher compared to last year's purchase price (65,750 KRW/40kg).

Gyeongnam Province will deposit the balance, excluding the interim settlement amount of 30,000 KRW/40kg, into the individual bank accounts of farmers who participated in the public stockpiled rice purchase by the 31st of this month.

The payment of the settlement funds is expected to help secure liquidity for farmers' finances at the end of the year.

Meanwhile, the amount of public stockpiled rice purchased in the province this year was 71,633 tons, achieving 100% of the planned purchase.

Jung Jae-min, Director of the Provincial Agricultural Policy Bureau, said, "This year, although farmers faced difficulties due to reduced rice production caused by abnormal weather, the rise in rice prices compared to last year provided a support for farm income."

This content was produced with the assistance of AI translation services.