KOREA, REPUBLIC OF* (10 May)
The rice crop harvested in September-November 2003 was the lowest in a decade at 4.45 million tonnes, as a result of prolonged rains and typhoon. However, the country still can maintain self-sufficiency in rice.
Based on the WTO’s 1994 Uruguay Round, South Korea has had the safeguarding system of minimum market access (MMA) for 10 years and has been importing rice equal to only 1 to 4 percent of annual domestic consumption at a normal tariff, and has been barring additional imports through an exorbitant tariff. As a result, the gap between South Korea’s rice prices and those of the exporting country is as high as 380 percent to 400 percent. The government has to complete negotiations on the nation’s rice market with WTO member states by the end of this year. The opening up of the market is expected to have a significantly impact to this world’s 12th largest rice producing country’s production and trade.
South Korea is one of the world’s largest importers of wheat and maize. The imports in 2003/04 (October/September) are forecast at 3.1 million tonnes for wheat and 9.5 million tonnes for maize.