South Korea to begin rice purchases

12/09/2016,

The Ministry of Agriculture, Food and Rural Affairs has recently announced the procurement of 360 000 tonnes of rice for state-controlled rice reserves, plus 30 000 tonnes destined for food aid distribution under the ASEAN Plus Three Emergency Rice Reserve (APTERR) agreement. The measure aims to support domestic prices during the ongoing harvest period. Production in 2016 is currently forecast by FAO at 5.6 million tonnes (4.2 million tonnes, milled basis), 3 percent below last year’s good level. In addition to the state procurement, the Government plans to expand financial support to domestic rice processing centres to facilitate rice purchases.

Country: Republic of Korea