S. Korea to release 80,000 tons of reserved rice in Aug. to address supply shortages

South Korea will release 80,000 tons of rice into the market this month to deal with supply shortages and stabilize prices.

The move brings the amount of reserved rice released into the market since January to 370,000 tons, reaching the total intended for the year by the Ministry of Agriculture, Food and Rural Affairs.

The plan helps cope with a potential demand spike before the Chuseok fall harvest holiday in September.

South Korea's rice consumption hit a record low in 2020, but the supply ran short as a record-long rainy season and powerful typhoons hampered production.

The country only posted a rice output of 3.51 million tons last year, 120,000 tons less than the annual national goal of 3.63 million tons.