South Korea struggles to tackle its growing rice supply glut



Analysis South Korea struggles to tackle its growing rice supply glut Years of cozy relationships between politicians and farmers have incentivized surplus that cannot be controlled John LeeFebruary 23, 2023 SHARE COPY LINK FACEBOOK X LINKEDIN MASTODON A handful of rice grains \| Image: Rawpixel In late January, the opposition-controlled National Assembly introduced a bill to amend the country’s Grain Management Act, with the stated goal of stabilizing the rice market by forcing the government to purchase surplus rice from the market. This bill is waiting for a plenary session vote, which Democratic Party (DP) floor leader Park Hong-geun says will happen on Friday. President Yoon Suk-yeol has characterized the bill as the DP’s attempt to rescue their leader Lee Jae-myung from prosecution by gaining support from farmers, and he has strongly hinted that he will veto the bill if it reaches his desk. © Korea Risk Group. All rights reserved. No part of this content may be reproduced, distributed, or used for commercial purposes without prior written permission from Korea Risk Group. LATEST ANALYSIS 01South Korea’s won faces a new test as foreign bond buying loses momentum 02Trump’s Russian diesel deal may leave South Korea’s refining boom intact 03Trump’s Alaska LNG claim shows who really runs the US-South Korea alliance 04South Korea’s missile defense push raises new questions over wartime stocks 05South Korea bank hacks expose weak links beyond core financial systems 06Lee-Zelensky feud exposes South Korea’s widening Ukraine policy dilemma 07Lee Jae Myung’s ‘pacemaker’ strategy tests South Korea’s leverage with Trump 08Trump’s Korea investment victory lap masks safeguards Seoul still controls

Analysis

South Korea struggles to tackle its growing rice supply glut

Years of cozy relationships between politicians and farmers have incentivized surplus that cannot be controlled

John LeeFebruary 23, 2023

South Korea struggles to tackle its growing rice supply glut

A handful of rice grains | Image: Rawpixel

In late January, the opposition-controlled National Assembly introduced a bill to amend the country’s Grain Management Act, with the stated goal of stabilizing the rice market by forcing the government to purchase surplus rice from the market. This bill is waiting for a plenary session vote, which Democratic Party (DP) floor leader Park Hong-geun says will happen on Friday.

President Yoon Suk-yeol has characterized the bill as the DP’s attempt to rescue their leader Lee Jae-myung from prosecution by gaining support from farmers, and he has strongly hinted that he will veto the bill if it reaches his desk.

LATEST ANALYSIS

01South Korea’s won faces a new test as foreign bond buying loses momentum
02Trump’s Russian diesel deal may leave South Korea’s refining boom intact
03Trump’s Alaska LNG claim shows who really runs the US-South Korea alliance
04South Korea’s missile defense push raises new questions over wartime stocks
05South Korea bank hacks expose weak links beyond core financial systems
06Lee-Zelensky feud exposes South Korea’s widening Ukraine policy dilemma
07Lee Jae Myung’s ‘pacemaker’ strategy tests South Korea’s leverage with Trump
08Trump’s Korea investment victory lap masks safeguards Seoul still controls

South Korea struggles to tackle its growing rice supply glut

LATEST ANALYSIS

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John Lee