Gyeongnam Province Provides 400 Billion KRW Support for Mineral Fertilizer Purchases to Local Farms

80% of Price Increase, 86,000 Tons Annually

Gyeongnam Provincial Government. / Photo by Se-ryeong Lee ryeong@

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Seryeong] Gyeongsangnam-do Province will support the purchase cost of mineral fertilizers for farms within the province.

Gyeongnam Province plans to cover 80% of the price increase in mineral fertilizers to alleviate the increased management cost burden on farmers caused by the sharp rise in mineral fertilizer prices due to the international raw material price surge.

On the 27th, the province announced that it will allocate 40 billion KRW in provincial funds in the 2nd supplementary budget to support 86,000 tons of mineral fertilizers, with additional contributions from the Ministry of Agriculture, Food and Rural Affairs, the province, city and county governments, and NongHyup.

The purchase cost support targets farmers producing agricultural products on farmland registered as agricultural management entities, and applies to mineral fertilizers supplied and sold to agricultural management entities through contracts between NongHyup Economic Holdings and fertilizer manufacturers.

Fertilizer purchases made from January 3 of this year to December 10 will be supported, and without a separate application, farmers can purchase up to 95% of the average mineral fertilizer purchase volume over the past three years through their local NongHyup branch.

New farmers such as returnees to farming and start-up farmers, farmers with increased cultivation areas, farmers whose fertilizer usage increases due to crop changes, and farmers who directly trade with fertilizer sellers other than NongHyup will have their fertilizer usage calculated by NongHyup based on the Rural Development Administration’s standard fertilization amount according to crop type and cultivation area, and will be allocated additional support accordingly.

Seo Yang-gwon, Director of Eco-friendly Agriculture, said, “We hope that the support for mineral fertilizer purchase costs will be an opportunity to reduce the management cost burden on farms.”

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