Ruling Party and Government "Concerns Over Further Decline in 'Rice Prices' Due to Oversupply... 200,000 Tons Market Isolation Measures"

[Asia Economy Reporter Oh Ju-yeon] The Democratic Party of Korea and the government have decided to promptly implement market isolation measures for 200,000 tons of rice to prevent price declines caused by excess rice production.

On the 28th, Song Young-gil, leader of the Democratic Party of Korea, Yoon Ho-jung, floor leader, Kim Hyun-soo, Minister of Agriculture, Food and Rural Affairs, and other participants attending the 'Rice Market Isolation Party-Government-Congress Consultation' held at the National Assembly are taking a commemorative photo. Photo by Yoon Dong-joo doso7@

On the 28th, the party and government held a 'Rice Market Isolation Party-Government Meeting' at the National Assembly in the morning and decided to isolate 200,000 tons out of the 270,000 tons of excess production from the market as soon as possible.

Park Wan-joo, the Policy Committee Chair of the Democratic Party of Korea, said in a briefing after the meeting, "The government plans to announce detailed plans for purchasing 200,000 tons in January next year after going through procedures such as consultations with stakeholders."

Chairman Park said, "Initially, the government limited the first market isolation volume to 170,000 tons, but the party agreed to expand it to 200,000 tons to alleviate the difficulties faced by farmers due to rising fertilizer prices and rural labor costs," adding, "We will push forward with rice market isolation at a rapid pace so that the rice price recovery achievements, which the Moon Jae-in administration worked hard to achieve, are not damaged, and the party and government will work together."

The remaining 70,000 tons will be handled while monitoring market conditions.

On the same day, the party and government announced that after reviewing this year's rice supply and demand situation, the demand for new rice was 3.61 million tons, but a total of 3.83 million tons was produced, resulting in an additional 270,000 tons. Accordingly, the price of rice at production sites fell by 9.8%, from 56,803 KRW per 20kg on October 5 to 51,254 KRW per 20kg as of the 25th.

Chairman Park explained, "One of the best achievements of the Moon administration was the realization of rice prices," adding, "The part suppressed by price authorities was maintained above 200,000 KRW during the Moon administration, and I hope people understand that we are maintaining that part so it is not damaged."

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