Government Expands TRQ for Soybeans Used in Sprout Cultivation by 10,000 Tons

Amid growing concerns over a shortage in the supply of soybeans for soybean sprouts and rising prices, the government has decided to increase the Tariff Rate Quota (TRQ) to stabilize the cost of living and protect domestic industries.

On July 13, the government announced that it will expand the TRQ for soybeans used in sprout cultivation from the current 17,450 tons to 27,450 tons, an increase of 10,000 tons.

The newly increased quota will apply to imports arriving from the effective date of the revised regulation next month through the end of the year.

The Ministry of Economy and Finance had set this year’s TRQ for soybeans for sprouts at 17,450 tons at the end of last year and has been applying a reduced tariff rate of 5% instead of the World Trade Organization (WTO) concessionary rate of 487%.

However, due to recent concerns about supply shortages and price hikes, the government explained that, in consultation with the Ministry of Agriculture, Food and Rural Affairs, it decided to add an additional 10,000 tons this time.

The government stated that it will continue to closely monitor food prices and proactively implement measures such as further TRQ increases for items with unstable domestic supply and prices.

This content was produced with the assistance of AI translation services.