AreaRepublic of Korea

Commodity GroupRice

CommodityAll

Date04/01/2018

Policy CategoryProduction

Policy InstrumentProduction adjustment program

DescriptionAnnounced its aim to convert 50 000 ha of paddies to other uses in 2018, in order to stabilize the local market in view of steady declines in domestic rice consumption. For this purpose, it would offer an average of KRW 3.4 million (USD 3 172) per ha to farmers who agree to cultivate crops other than rice.

NotesExchange rate as of 15 April 2018.