South Korea: 2023 Rice Production Update
Link to report:
On November 14, 2023, Statistics Korea (KOSTAT) released its final estimate of 2023 rice production at 3.7 million metric tons (MMT), up an additional 0.5 percent from the initial rice production estimates released in early October and down 1.6 percent overall from the prior year. Rice production acreage decreased by 2.6 percent compared to 2022, but increased yield due to favorable weather conditions (sunlight and precipitation) partially offset the reduced acreage. To reduce traditional rice planted area, the Korean government has recently introduced incentives for growing rice for flour, which could have the additional benefit of curbing methane emissions by over one third compared to conventional rice cultivation.
