AreaRepublic of Korea

Commodity GroupRice

CommodityAll

Date24/01/2022

Policy CategoryProduction

Policy InstrumentGovernment procurement

DescriptionAnnounced that the government would purchase 200 000 tonnes of rice from the 2021 harvest out of an estimated 270 000 tonnes of surplus production, in order to stabilize prices. It would also monitor market conditions and private sector inventories to determine whether to procure the remaining 70 000 tonnes of surplus rice. These purchases would be in addition to the 350 000 tonnes previously bought from the 2021 harvest.