Seoul: South Korea will expand the tariff-rate quota (TRQ) for soybeans used to grow bean sprouts by 10,000 tons to address domestic supply shortages, the finance ministry said Monday. The Ministry of Finance and Economy announced that this additional quota, which supplements the existing quota of 17,450 tons, will remain in effect through December as a measure to stabilize domestic prices. The original quota volume was exhausted in June.
According to Yonhap News Agency, South Korea imposes a 5 percent tariff on imports of soybeans for sprouts within the quota, rather than the standard rate of 487 percent. This move aims to alleviate the pressure on domestic supply and maintain stable prices for essential food items.
The government plans to continue monitoring consumer prices of essential food items closely and will take preemptive measures, such as expanding TRQs for products with unstable supply and fluctuating prices, to ensure market stability. The TRQ system allows a specified volume of imports to enter the country at a reduced tariff rate, providing a buffer against sudden supply shortages.