Stacks of fertilizer are stored at a distribution center in South Korea, as the government moves to stabilize supply and prices amid Middle East-related market uncertainty. Graphic by Asia Today and translated by UPI
April 15 (Asia Today) — South Korea has secured stable supplies of agricultural fertilizer through July and is expanding subsidies to offset rising costs of fuel and farming materials amid global market uncertainty.
The Ministry of Agriculture, Food and Rural Affairs said inventories of finished fertilizer products total about 31,000 metric tons, with additional production capacity of around 48,000 tons using existing raw materials. Prices have remained stable despite supply concerns linked to geopolitical tensions.
Farmers, however, are increasingly worried about rising costs of fuel and materials following disruptions tied to tensions in the Middle East.
“The most important thing for farmers is stability,” said Moon Tae-bok, a farmer in Goesan County. “If prices of materials like plastic sheeting and fertilizer rise, farming becomes much more difficult.”
Agricultural plastic sheeting – used to retain soil moisture and regulate temperature – has already shown signs of price increases. Officials said a standard roll could rise to between 9,000 won ($6.70) and 10,000 won ($7.40), with some suppliers quoting up to 50,000 won ($37.00) per bulk unit.
To ease the burden, the government has approved a supplementary budget of 377.5 billion won (about $280 million), including expanded subsidies tied to fuel prices.
The plan includes temporary support for tax-exempt fuel used in agriculture, covering heating oil for greenhouses and diesel for machinery such as tractors and combines. Subsidies for mineral fertilizer costs and supply stabilization have also been increased.
Additional financial support includes 65 billion won (about $48 million) in loans for livestock farmers to purchase feed, along with 50 billion won (about $37 million) in funding for feed manufacturers to secure raw materials.
The ministry has also launched a task force to monitor supply chains and price trends, holding daily meetings to respond to market developments.
Officials said preventing panic-driven demand will be critical, adding that the government will ensure timely distribution of supplies and minimize damage to farming households.
— Reported by Asia Today; translated by UPI
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