[Asia Economy reporters Bu Aeri and Yoo Byungdon] The Presidential Transition Committee requested the government on the 21st to take additional market isolation measures for 125,000 tons of rice.
Deputy spokesperson Kim Kiheung stated at the briefing room of the Transition Committee in Tongui-dong on the same day, "Recently, the farmgate price of rice has fallen due to oversupply."
As of the 15th, the farmgate price of rice was 47,774 KRW for 20kg, which is 10.5% lower than the average during the harvest season (October to December) and 14.3% lower compared to the previous year.
The consumer price of rice also continued to decline, with 51,880 KRW for 20kg as of the 19th, down 12.9% from the previous year.
Previously, among the 3.88 million tons of rice produced last year, demand was 3.61 million tons, resulting in an oversupply of 270,000 tons. The government announced in December last year that it would isolate the oversupplied 270,000 tons. Of this, 125,000 tons remain.
Regarding whether the next government would take measures if the current government does not, Deputy spokesperson Kim said, "The Transition Committee has requested it, so it would be contradictory not to act after the administration takes office," and explained, "It is expected that the remaining quantity will be additionally isolated from the market. As for the budget, it will be purchased and settled using funds from the NongHyup, so no additional budget is needed this year."
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