South Korea Buys 50,000 Tons of Rice for Food Aid and Price Support, Targets Africa and Asia

The South Korean government and the ruling People Power Party agreed to purchase 50,000 tons of surplus rice for international food aid and to support domestic grain prices. This decision aligns with their previous action in November to buy a similar amount for assistance, shifting from using government stockpiles for aid. The rice will be sent to African and Asian countries through the World Food Program, as announced by Agriculture Minister Song Mi-ryung, though specific details weren't disclosed.

South Korea is facing challenges in maintaining the retail price of rice due to an excess inventory from agricultural cooperatives and a decline in domestic consumption. As reported by Statistics Korea, the price of 80 kilograms of rice dropped to 194,796 won ($147.2) as of January 25, a significant decrease from 217,552 won in early October. This decline in price indicates that President Yoon Suk Yeol's administration did not meet its policy target to keep the price above 200,000 won.

The consumption of rice per individual in South Korea has significantly decreased over the years. In 2023, the average consumption was 56.4 kilograms per person, which is about half of what it was three decades ago, when the average consumption was over 110 kilograms in 1993.