Seoul: South Korea plans to export 22 tons of rice to Japan, marking the largest volume in 35 years, a trade company announced on Monday. This decision follows a notable increase in rice prices in Japan.
According to Yonhap News Agency, the Japan office of South Korea's NH Trading Co. recently imported 2 tons of Korean rice products. NH Trading, a subsidiary of the National Agricultural Cooperative Federation, commonly known as Nonghyup, is at the forefront of this export initiative. The company has plans to import an additional 10 tons of rice next month, with another 10 tons projected for future delivery.
This venture represents the first instance of the Japanese office of NH Trading purchasing rice from South Korea. Additionally, the export of 22 tons will be the largest amount of Korean rice sent to Japan since 1990, when records of such transactions began.
The rice trade agreement between the two countries arises amidst escalating grain prices in Japan over the past year, attributed to poor harvests and other contributing factors.