According to Yonhap News,
South Korea will work to increase its exports of food and related products to US$14 billion this year by targeting emerging markets, including the Middle East and Africa, the agriculture ministry said Monday.
The target, which would mark a 7.7 percent increase from $13 billion recorded in 2024, was announced as part of the Ministry of Agriculture, Food and Rural Affairs' policy directions outlined in a briefing to acting President Choi Sang-mok.
Under its policy objective, the ministry plans to collaborate closely with the Korea Trade-Investment Promotion Agency, better known as KOTRA, to explore new export destinations, such as the Middle East and South Africa, as well as small and medium-sized cities in the United States, China and Japan.
The country will also focus on boosting exports of premium fresh produce, such as strawberries and grapes, while supporting local companies in developing new products, including processed rice goods.
The agriculture ministry added it will seek to revamp the country's rice industry to address declining consumption.
South Koreans have been eating less rice in recent years due to changes in their diet, with per capita consumption dropping to 56.4 kg in 2023 from 61 kg in 2018.
"To address the chronic oversupply of rice, the government aims to fundamentally restructure the industry by optimizing production, increasing the supply of quality rice and boosting consumption," the ministry said.
To this end, the ministry plans to reduce the country's total rice paddies, currently spanning around 698,000 hectares, by 80,000 hectares this year.
To enhance the productivity of the agricultural industry, South Korea will aim to expand the share of smart farms to 20 percent of the country's total agricultural production, up from the current 16 percent.
The ministry will spend 108.8 billion won ($73.8 million) on research and development projects in the agricultural sector in 2025.
Other major plans include expanding the reserve capacity of the top 10 agricultural products, including cabbage, apples, beef and eggs, to stabilize prices.
"This year, the ministry will prioritize stabilizing people's livelihoods and addressing the challenges faced by farmers," Agricultural Minister Song Mi-ryung said. "We will focus on implementing policies aimed at improving the lives of the people during the first half of the year."
colin@yna.co.kr
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Source: Yonhap News (January 14, 2025)