Chungnam Expands Major Agricultural Products Price Stabilization Items and Support

Status of Major Agricultural Products Subject to Price Stabilization by City and County. Provided by Chungnam Province

[Asia Economy (Hongseong) Reporter Jeong Il-woong] Chungnam Province is expanding the price stabilization program items and support amounts for major agricultural products produced in the region.

According to the province on the 3rd, the price stabilization program was first introduced in 2019 as a campaign pledge of the 7th elected governor. The core of the system is to designate target agricultural products and support 80% of the difference when the market price of each item falls by more than 20% compared to the reference price.

The support limit per farm was 2 million KRW in the year of introduction, but it was increased to 3 million KRW starting last year.

Additionally, this year, the number of items that 15 cities and counties can choose from will be expanded from 2 to 5.

Through this, the province expects to be able to compensate the income of local farmers. In fact, Mr. Ahn Nam-seop (56), who lives in Palbong-myeon, Seosan City, has greatly benefited from the price stabilization program.

Mr. Ahn, who cultivates potatoes, experienced a decrease in income due to price drops at the time of potato shipment last year, but was able to cover part of the lost income by receiving support last month through the price stabilization program.

To receive support from the price stabilization program, farmers must check the target items of the price stabilization program in their jurisdictional city or county and apply to the local eup/myeon office either before or within one month after sowing the relevant items.

For more detailed information about the price stabilization program, inquiries can be made at the nearest eup/myeon office or the relevant departments of the city/county and provincial government offices.

Lee Jong-ho, Director of the Provincial Food and Horticulture Division, said, “This year, the province improved the price stabilization system to allow expansion and selection of items according to local conditions,” adding, “We hope this will enable farmers to respond efficiently to agricultural product price instability and promote management stability.”