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The rice market in South Korea

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  • The rice market in South Korea
  • United States Department of Agriculture Economic Research Service


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Title The rice market in South Korea
Similar Titles
Material Type Articles
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Washington. U.S : United States Department of Agriculture Economic Research Service

Date 2016-09
Journal Title; Vol./Issue A Report from the Economic Research Service:vol.RCS-161-1
Language English
File Type Link
Subject Economy < General
Industry and Technology < Agriculture
Government and Law < Governance
Holding USDA
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Abstract

Rice has been Korea’s most important agricultural crop and staple grain for centuries. Rice consumption per person has fallen in recent decades. Korean policies have isolated Korea’s rice market from the global rice markets, and Korean prices are above those of potential rice imports. Korean rice farmers have become more productive, using fewer chemical inputs and consolidating machine use, while maintaining high yields. Government support for rice farmers has shifted toward income support, but some subsidies are still directly linked to rice output. Despite movement toward greater efficiency and liberalized markets in domestic rice farming, Korea has maintained very high barriers to imports. Korea’s rice import system was a special case set up in the 1995 Uruguay Round Agreement (URA) of the World Trade Organization (WTO).