In a recent announcement, the South Korean government disclosed plans to inject a record quantity of agricultural commodities into the market. This initiative, set for the third week of January, aims to mitigate price volatility and alleviate the economic strain on consumers in anticipation of the Lunar New Year. The government's strategy involves the distribution of 265,000 tons of key agricultural products, a volume that surpasses the usual by approximately 1.5 times. Among the items to be released are cabbage, beef, and eggs.
Specific measures include the release of 10,000 tons of stored cabbage and radishes, responding to their price surge of 70 percent and 89 percent, respectively, over the past year. Additionally, the plan encompasses the distribution of 30,000 tons of apples and 10,000 tons of pears, produced under contractual farming agreements.
To further stabilize the market, the introduction of a tariff rate quota system for the importation of select fruits and vegetables, including carrots and oranges, is underway. Complementing these efforts, the government has earmarked 90 billion won (US$616 million) to subsidize agricultural and livestock products, aiming to uplift consumer sentiment.
Beyond agricultural measures, the government is promoting domestic tourism during the holiday season. Initiatives include the exemption of toll fees on expressways and discounts ranging from 30 to 40 percent on bullet train fares from provincial regions to Seoul. Additionally, state-operated art galleries will offer free admission from January 28 to 30, with details accessible on major mobile mapping platforms like Naver and Kakao.
Source: The Korea Bizwire