Domestic Import of Grains Such as Soybeans, Wheat, and Corn with Self-Sufficiency Rate in the 3% Range Increases 2.5 Times

POSCO International, Pan Ocean, and Other Overseas Expansion Companies
Imported 110,000 Tons of Wheat, Soybeans, and Corn into Korea Last Year

[Image source=Yonhap News]

[Asia Economy Reporter Moon Chaeseok] It has been revealed that 110,000 tons of major grains, including soybeans with a self-sufficiency rate of only around 3%, were imported into South Korea last year.

On the 4th, the Ministry of Agriculture, Food and Rural Affairs announced the status of grain imports reflecting this information.

Last year, South Korean companies operating overseas imported 110,000 tons of grains such as wheat, soybeans, and corn into the country. This figure is 2.5 times higher than in 2019.

By item, 68,000 tons of wheat, 10,000 tons of soybeans, 25,000 tons of corn, and 6,000 tons of other grains were supplied domestically.

South Korea imports most grains except rice from abroad. Grains such as wheat, soybeans, and corn are imported at about 17 million tons annually (based on 2019).

Accordingly, the government started the Overseas Agricultural Development project in 2009 to expand grain import capacity in emergencies.

POSCO International acquired a grain export terminal in Ukraine with an annual handling capacity of 2.5 million tons. Through this, it supplied 68,000 tons of feed wheat to South Korea last year.

Pan Ocean secured shares in a grain export terminal in the U.S. Northwest with an annual capacity of 9 million tons. Starting this year, feed corn and other grains will be supplied domestically through this terminal.

Farm Story, Lotte Corporation, Aro, and the Sangsaeng Welfare Association have secured farms in Russia's Primorsky Krai and other areas to produce corn, soybeans, and increase domestic imports.

These companies produced 63,000 tons of grains such as soybeans, corn, and oats on 23,000 hectares of farmland?about 80 times the area of Yeouido?and supplied 37,000 tons domestically last year.

Meanwhile, the Ministry of Agriculture, Food and Rural Affairs lowered the loan interest rate for grain business operators from 2% to 1.5%, reducing it by 0.5 percentage points to promote entry into the grain business.

Lee Sangman, Director of the International Cooperation Bureau at the Ministry of Agriculture, Food and Rural Affairs, said, "We highly appreciate the steady investment over the past 10 years that has increased domestic grain supply by our companies."

He added, "The government will continue to support settlement so that our companies can enter and stabilize their presence in overseas grain businesses."

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