Trade and markets
 

Detail

Area
Republic of Korea
Commodity Group
Rice
Commodity
All
Date
03/09/2014
Policy Category
Production
Policy Instrument
Production support
Description
In view of plans to liberalize the rice market through tariffication, starting on 1 January 2015, announced that interventions in favour of the domestic rice industry would focus around maintaining the production base, by preserving the existing land extension, infrastructural investments, as well the promotion of domestic consumption and exports. Income stabilization measures would also be strengthened, including by raising direct area payments under the Rice Income Compensation Act by 11 percent to Won 1 000 000 (USD 950) per hectare and greater payments for double cropping on paddies during winter, as of 2015. In order to enhance the industry’s competitiveness, economies of scale, technology and cost cutting measures would also be promoted, while, on the distributional side, the Rice Processing Complexes would be strengthened and mixture of foreign and domestic rice prohibited.
Notes
Exchange rate as of 15 September 2014.