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Agriculture Ministry targets $14B in food product exports

Published: 13 Jan. 2025, 17:15 Updated: 13 Jan. 2025, 19:33

Packaged kimchi products are displayed at a supermarket in Seoul on Jan. 8. [YONHAP]

Korea will work to increase its exports of food and related products to $14 billion this year by targeting emerging markets, including the Middle East and Africa, the Ministry of Agriculture, Food and Rural Affairs said Monday.

The target, which would mark a 7.7 percent increase from the $13 billion recorded in 2024, was announced as part of the Agriculture Ministry's 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 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 the development of new products, including processed rice goods.

The ministry added that it will seek to revamp the country's rice industry to address declining consumption.

Koreans have been eating less rice in recent years due to changes in diet, with per capita consumption dropping to 56.4 kilograms (124 pounds) in 2023 from 61 kilograms 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 Agriculture Ministry plans to reduce the country's rice paddy area, currently spanning around 1.7 million acres, by around 200,000 acres this year.

To enhance the productivity of the agricultural industry, 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," Agriculture 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."

Yonhap