“Increased Cabbage Supply… Up to 1,000 Won Per Private Shipment Incentive Waived”
Discussion on measures to stabilize the supply and demand of Chuseok products and the prices of rice and Korean beef
The Democratic Party of Korea and the government decided on the 10th to immediately quarantine 20,000 hectares of rice cultivation area as a measure to stabilize rice supply and demand. In addition, to stabilize Korean beef prices, they decided to reduce cows by an additional 10,000 from the existing 139,000. As a measure to stabilize the supply and demand of Chuseok seasonal products, they decided to focus on expanding the supply of cabbage.
The People Power Party, the government, and agricultural and livestock organizations held a meeting of the Democratic Party-Government Council at the National Assembly this morning to check the supply and demand of Chuseok seasonal produce and to stabilize the prices of rice and Korean beef during the harvest season. This is a follow-up measure to the discussions held at the Senior Party-Government Council in August.
Kim Sang-hoon, the People Power Party’s policy committee chairman, met with reporters immediately after the Democratic Party-government council meeting and said regarding measures to stabilize rice supply and demand, “We have decided to stabilize rice prices early during the harvest season under the policy of isolating excess rice production during the 2024 harvest season.”
Chairman Kim said, “We plan to immediately quarantine 20,000 hectares of rice cultivation area and further quarantine if there is excess production beyond the pre-quarantine when Statistics Korea announces the expected production volume in October.” He added, “After Statistics Korea announces the final production volume in mid-November, we have decided to pursue additional measures in consideration of market conditions.”
Chairman Kim also said that as a fundamental measure to improve the constitution of the rice industry, “We decided to raise the target for reducing rice cultivation area for appropriate rice production and to review the introduction of a cultivation area reporting system and a regional reduction area allocation system.” He said, “We discussed various alternatives that impose incentives and penalties based on the results of the adjustment of the reduction area.” However, they decided to announce specific implementation plans within the year after sufficient consultation with producer groups, etc.
In relation to the stabilization of supply and demand of Korean beef and the development of the industry, it was decided to reduce the number of cows by an additional 10,000. In addition, the repayment of the 638.7 billion won in feed purchase funds for Korean beef farms, which is due in 2025, was extended by one year, and the feed purchase funds for 2025 were also decided to be maintained at the level of 1 trillion won, the same as this year.
In addition, in order to achieve a self-sufficiency rate of 40%, we plan to establish a preemptive warning system starting from the calf production stage three years in advance and operate a preemptive supply and demand management system to suppress production and reduce breeding when an oversupply is expected.
In addition, the production cost will be reduced by shortening the Hanwoo breeding period from 30 months to 24-26 months, and the expansion of smart livestock farms will also be promoted.
Regarding measures to stabilize the supply and demand of Chuseok seasonal produce, Chairman Kim said, “Although the prices of apples and pears are stabilizing, we plan to maximize the government’s available supply of cabbage, which is somewhat expensive, and increase the shipment incentive from approximately 500 won per head to 900-1,000 won to expand private shipments.”
(Seoul = News 1)
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2024-09-10 22:16:34