South Korea releases 265,000 tons of agricultural produce to reduce Lunar New Year price hikes

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A recent announcement has revealed that officials from the South Korean government disclosed plans to pump record amounts of agricultural goods in the market. The plan, which is scheduled for the third week in January, is designed to reduce prices and ease the burden on the consumer in the run-up to this Lunar New Year. This strategy of the government involves the release of 265,000 tonnes of the most important agricultural commodities which is more than average by around 1.5 times. Some of the products to be distributed are beef, cabbage eggs, and other meats.

The specific measures are the release of 10,000 tonnes of radishes and cabbage that are stored as a response to their cost increase of 70% and 90 percent, respectively in the last year. The plan also includes the release of 30,000 tonnes of apples, and 10,000 tons of pears grown in accordance with contract farming agreements.

In order to further stabilize markets, the introduction of an quota-based tariff system to allow the import of certain fruits and vegetables such as oranges and carrots are in the process of being implemented. In addition the government has set aside 90 billion won (US$616 million) for subsidies on the production of livestock and agriculture in order to boost consumer confidence.

In addition to measures for agriculture The government has also been encouraging domestic tourism in the festive season. The initiatives include the elimination of expressway tolls and discounts that range from 30 to 40 % off trains that run from the localities up to Seoul. In addition, art museums run by the state are offering free entry between January 28 and 30 for details that are accessible via the most popular mobile mapping platforms, including Naver or Kakao.

Source: The Korea Bizwire

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