AreaRepublic of Korea

Commodity GroupRice

CommodityAll

Date07/02/2024

Policy CategoryProduction

Policy InstrumentProduction adjustment program

DescriptionAnnounced that it would aim to convert 26 000 hectares of paddies to other uses in 2024, in order to stabilize the local market. For the purpose, it would double incentives for farmers cultivating floury rice and beans instead of paddy to KRW 2.0 million (USD 1 520) per hectare.

NotesExchange rate as of 15 March 2024.