SEOUL, March 30 (Korea Bizwire) — Rice production costs in South Korea rose 9.3 percent on-year in 2022 due mainly to soaring prices of fertilizers, causing net profit from rice farming to sink nearly 40 percent, data showed Thursday. Farmers spent 31,631 won (US$24.24) to produce 20 kilograms of rice last year, up 2,689 won [...]
SEOUL, March 8 (Korea Bizwire) — South Korea’s agriculture ministry said Wednesday it will push to reduce the rice paddy area by around 5 percent this year to cut rice production amid falling demand for the staple grain. The ministry said it plans to reduce the rice cultivation area to 690,000 hectares from last year’s [...]
SEJONG, Nov. 14 (Korea Bizwire) — South Korea’s rice output fell to the lowest level in nearly 40 years in 2017 amid the government’s efforts to tackle the yearslong oversupply of the staple grain, data showed Tuesday. The country’s rice production reached 3.97 million tons this year, down 5.3 percent from 4.2 million tons produced [...]