S. Korea's rice export surge buoyed by better price competitiveness

SEOUL, May 11 (Yonhap) -- South Korea's rice exports surged more than 10-fold in
the first four months of this year due to improved price competitiveness, a
state-run farm trading company said Monday.
The Korea Agro-Fisheries Trade Corp. (aT Center) said exports of locally grown
rice reached 701 tons worth US$1.16 million from January through April, up from
just 61 tons totaling $191,000 the year before.
It said that while the overall volume is small, the figures already exceed the
358 tons of rice shipped out for the whole of 2008.
The corporation under the Ministry for Food, Agriculture, Forestry and Fisheries
said greater overseas demand is the result of higher international grain prices
and the weak Korean won that makes locally grown rice cheaper abroad.
"In 2008, a one-kilogram sack of locally grown rice cost 2,032 won compared to
California rice that cost 1,006 won, but the price gap has narrowed to 1,629 won
for Korean rice vis-a-vis 2,040 won for rice grown in the U.S.," an aT Center
official said.
He added that exports of locally raised rice were helped by the fact that they
are non-genetically modified organism products that are shunned by some
consumers, while being of higher quality than those grown in China.
The farm export promotion corporation added that exports to Australia, New
Zealand and Canada shot up in the cited period.
It said at this rate, South Korea's rice exports may reach 2,000 tons, especially
if overseas consumers start to view the local grain as a viable alternative to
Japanese rice that is used to make sushi rolls.
yonngong@yna.co.kr
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