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S. Korea to release rice reserve amid output decline

South Korea's rice reserve (Yonhap)
South Korea's rice reserve (Yonhap)
South Korea said Tuesday it will release its reserved grains into the market to cope with the reduced rice output after the long rainy season this year coupled with major typhoons.

The country will release up to 370,000 tons of reserved rice, according to the Ministry of Agriculture, Food and Rural Affairs.

The detailed amount will change depending on the market situation.

The rice will be released after the harvest season in different phases to minimize potential fluctuations in the market.

South Korea's production of rice came to 3.51 million tons as of mid-November, 120,000 tons less than its annual goal of 3.63 million tons.

The amount also marked a 6.4 percent decline from 2019.

It marked the lowest level since 1968, when South Korea produced 3.2 million tons of rice.

South Korea underwent a record-long rainy season this year that began June 24 and lasted for 54 days in the central part of the country. The country was also hit by powerful typhoons, including Typhoon Maysak and Haishen, until September. (Yonhap)