Published : Nov. 11, 2016 - 11:43
Rice prices in South Korea have dropped to a 21-year low this year despite forecasts that the country's rice production would decrease due to the unfavorable weather, government officials said Friday.
The price of rice was set at 32,337 won ($27.75) per 20 kilograms as of Nov. 5, down 0.2 percent from last month, according to data by Statistics Korea. When converted to per 80 kg of rice, the price was set at 129,348 won, the lowest since 1995.
The country's rice production is forecast to reach some 4.2 million tons in 2016, down 2.9 percent from 4.33 million tons in 2015, according to separate data by Statistics Korea.
"We have judged that the price drop will be reduced," said an agricultural ministry official, further forecasting the price to bounce down the road.
As part of efforts to deal with a chronic supply glut of the staple crop, the South Korean government earlier said that it will purchase all of this year's rice.
In addition to the plan to purchase the excess of 1.6 million tons of rice, the Ministry of Agriculture, Food and Rural Affairs bought another 98,000 tons for public stockpiling as of Nov. 8.
The annual rice consumption of the South Korean population has been on a sharp decline for decades due mainly to changes in diet and eating habits. (Yonhap)