|Rice Less Popular in South Korea|
|by Tom McGregor||Sun, Jun 22, 2014, 11:37 PM|
The domestic rice consumer market in South Korea is collapsing. South Koreans have fallen away from their love affair with rice.
The Korea Herald reports that, "A continued decline in South Korea’s rice consumption has become a roadblock to extension of the rice quota system. Per capita consumption expected to shrink 1.75 percent on-year to 67.3 kilograms, according to the ministry."
A Ministry official is quoted as saying that, “If we opt to go for another waiver, we have no choice but to significantly reduce our own rice production to avoid an oversupply.”
According to the Korea Herald, "South Korea is set to make a decision on opening its rice market with the deadline set by the World Trade Organization approaching. Up to now, a quota system has limited rice imports to some 8 percent of the local market, but the deal with the WTO ends this year."
South Korean rice farmers have caused a glut in the market with weakening demand for rice in their nation.
To read the entire article from the Korea Herald, link here:
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