In response to tightening market supply and rising rice prices, the South Korean government has decided to "loan" reserve rice to the market for the first time, according to local media reports on Aug. 11. This unprecedented measure aims to stabilize rice prices amid growing concerns over affordability.
Recently, rice prices in South Korea have been on an upward trend. As of August, the average retail price of a 20-kilogram bag of rice reached 58,000 won (approximately RMB 300), exceeding the long-term average retail price by over 10%.
The Ministry of Agriculture, Food, and Rural Affairs of South Korea announced on Aug. 11 that the price surge was primarily caused by reduced market supply. To address this, the government will "loan" 30,000 tons of its 2024 reserve rice to regional distributors by the end of this month. The condition for the loan is that these distributors must return an equivalent quantity of new rice harvested this year to the government.
Previously, South Korea had released reserve rice into the market through auctions.
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