The South Korean government said that it would purchase 200,000 tons of surplus rice on Tuesday in an effort to prevent a further price drop in the domestic rice market caused by oversupply.
“Of the surplus amount of 270,000 tons of rice, the government will isolate 200,000 tons from the market in the near future,” the chief policymaker of the ruling Democratic Party Park Wan-joo told reporters after a meeting, reported state media Yonhap News.
