Muan-gun Strongly Urges Market Isolation of Excess Rice Supply During Harvest Season

Published 14 Dec.2021 14:26(KST)

Request for Government Decision on Market Isolation to Counter Rice Price Collapse

Muan-gun Government Office Building View ? Asia Economy

[Muan＝Asia Economy Honam Reporting Headquarters Reporter Oh Hwan-joo] Muan County, Jeollanam-do, issued a statement on the 13th urging the government to prevent the decline in rice prices caused by the oversupply of rice during the 2021 harvest season through proactive rice market isolation.

According to the county on the 14th, the Statistics Korea announced that this year's rice production reached 3,882,000 tons, a 10.7% increase compared to the previous year, fully meeting the conditions for market isolation.

This represents an overproduction of at least 370,000 tons compared to the demand for new rice, causing growing concerns and worries among farmers despite the joy of a bumper harvest.

In fact, the price of rice at production sites has been continuously declining. The rice price, which was 227,212 won on October 22, has dropped by 16,868 won to 210,344 won as of December 5.

County Governor Kim San expressed "the difficulties faced by rice farmers due to oversupply" and stated, "Since the government prepared a stable rice supply policy through related legal amendments last year to complement the abolition of the direct payment system and stabilize grain supply and demand, it is now time for decisive action."

He further urged, "Market isolation is the only way to prevent the decline in rice prices, and the government must immediately implement market isolation measures for the expected oversupply of rice according to the conditions specified by law."

He added, "Rice farming has been responsible for an important food source for the people for generations, and with rising production costs and continuously decreasing demand, farmers' worries have not eased," emphasizing, "We must not further neglect the difficult conditions of farmers."