Ministry of Agriculture Launches Real-Time Monitoring to Minimize Agricultural Sector Impact Amid Iran Crisis [US Iran Strike]

Limited Short-Term Impact, but Monitoring Oil Prices and Exchange Rates

Proactive Measures Through Cooperation with Relevant Ministries and Industry Feedback

The Ministry of Agriculture, Food and Rural Affairs announced on March 1 that it has established a real-time monitoring system to minimize potential damages in the agricultural and food sectors in response to rapidly changing conditions in the Middle East, such as the Iranian attacks by the United States and Israel.

Ministry of Agriculture, Food and Rural Affairs building. The Asia Business Daily database.

The ministry analyzed that, given Korea's current trade volume with the Middle East and the domestic inventory levels of raw materials and staple crops, the immediate impact of the situation on the country's agriculture and related industries is not expected to be significant. However, it did not rule out the possibility that prolonged instability, along with fluctuations in exchange rates and oil prices, could affect agricultural and food exports, the supply chain for agricultural materials such as animal feed, and international grain prices.

Accordingly, the ministry plans to closely monitor the situation and develop systematic response measures through close cooperation with relevant ministries and by gathering feedback from related industries. If a situation arises that requires government-level action, the ministry is committed to responding promptly and proactively.

Minister Song Miryung emphasized, "We will work closely with relevant ministries to monitor the situation and conduct thorough field inspections so that we can respond immediately to prevent any damages to agriculture, related industries, and the food sector."

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