Wheat field devastated by climate change | Photo: Gettyimagebank
'Wheat Harvest Halved': A Direct Hit to Import-Dependent South Korea
Climate change-induced extreme weather is dealing a severe blow to South Korea's wheat production. In 2022, wheat production plummeted by over 60% compared to the previous year, leading to a decrease in farmers' income. The government's goal of increasing wheat self-sufficiency is also likely to face challenges. Globally, wheat production declines due to climate change are being reported, potentially leading to a surge in international wheat prices and subsequent increases in domestic food prices.
#Sharp Decline in Domestic Wheat Production
Image of wheat field and reduced harvest | Image created by GrainScanner, Photo: Gettyimagebank
Wheat farmers in the Gurye region of South Jeolla Province reported that this year's production has decreased by more than 60% compared to last year. The main cause is attributed to field flooding and root rot due to frequent spring rains. Additionally, wheat harvest decreased by 70.8%โผ in Damyang, 34.2%โผ in Gunsan, and 14.3%โผ in Iksan. Farmers' concerns are deepening as their income from wheat sales is expected to decrease proportionally to the reduced production. This situation is likely to hinder the government's "Wheat Industry Development Plan" which aims to increase wheat self-sufficiency to 10% by 2030. An official from the Ministry of Agriculture, Food and Rural Affairs stated, "It is urgent to develop new agricultural technologies that can respond to climate change and to prepare support measures for farmers."
#Global Wheat Production Decline Due to Climate Change
Map showing production status of major wheat-growing countries | Image created by GrainScanner, Map image: Gettyimagebank
The issue of reduced harvests and crop damage due to climate change is not limited to South Korea. Major wheat-producing countries worldwide are also experiencing production declines due to climate change.
- Production declines due to climate change are being reported in major wheat-producing countries such as the United States, Russia, and Australia.
- This is causing a surge in international wheat prices, which is expected to directly impact South Korea, a country highly dependent on imports.
#Need for Food Security and Price Management Measures
Staged image expressing price increase | Photo: Gettyimagebank
- As South Korea has the lowest grain self-sufficiency rate among OECD countries, import disruptions due to abnormal weather could become a serious problem.
- The government is considering measures such as releasing reserve stocks to counter inflationary pressures on food prices due to climate change, but critics argue these are not fundamental solutions.
#Government's Need to Respond to Climate Change
Experts unanimously agree on the need for long-term measures. An agricultural economics professor stated, "It is urgent to develop new wheat varieties that can respond to climate change and introduce advanced agricultural technologies such as smart farms." He also added, "A multifaceted approach is needed to strengthen food security, such as securing overseas farmland and fostering international grain distribution companies." The government has announced that it will comprehensively review its food security policy in light of this situation. An official from the Ministry of Agriculture, Food and Rural Affairs explained, "In the short term, we will focus on supporting affected farmers and securing import volumes, and in the long term, we will establish agricultural policies to respond to climate change."
sustainable development ใ
ฃ Photo: Gettyimagebank
The Bank of Korea emphasized the need for policy preparation by analyzing the impact of climate change on domestic inflation. In particular, a joint response to global climate risks and strengthened inflation management by domestic economic entities are required. Preparing for 'climatflation' through agricultural technology innovation and international cooperation, and establishing a sustainable agricultural production system will be key tasks going forward. Only through these efforts can we minimize the crisis of climate change and its damage, and turn it into new opportunities.
๐ขNotice
GrainScanner is constantly monitoring the latest trends in the global grain market and striving to provide the best services.
๐References
If you are interested in trading various grains such as farro, oats, Kamut, and Emmer wheat, please contact us at the email address below:
๐ sungeun.han@greenlabs.co.kr
“Address the Climate Change Crisis with GrainScanner"
Wheat field devastated by climate change | Photo: Gettyimagebank
'Wheat Harvest Halved': A Direct Hit to Import-Dependent South Korea
Climate change-induced extreme weather is dealing a severe blow to South Korea's wheat production. In 2022, wheat production plummeted by over 60% compared to the previous year, leading to a decrease in farmers' income. The government's goal of increasing wheat self-sufficiency is also likely to face challenges. Globally, wheat production declines due to climate change are being reported, potentially leading to a surge in international wheat prices and subsequent increases in domestic food prices.
#Sharp Decline in Domestic Wheat Production
Wheat farmers in the Gurye region of South Jeolla Province reported that this year's production has decreased by more than 60% compared to last year. The main cause is attributed to field flooding and root rot due to frequent spring rains. Additionally, wheat harvest decreased by 70.8%โผ in Damyang, 34.2%โผ in Gunsan, and 14.3%โผ in Iksan. Farmers' concerns are deepening as their income from wheat sales is expected to decrease proportionally to the reduced production. This situation is likely to hinder the government's "Wheat Industry Development Plan" which aims to increase wheat self-sufficiency to 10% by 2030. An official from the Ministry of Agriculture, Food and Rural Affairs stated, "It is urgent to develop new agricultural technologies that can respond to climate change and to prepare support measures for farmers."
#Global Wheat Production Decline Due to Climate Change
Map showing production status of major wheat-growing countries | Image created by GrainScanner, Map image: Gettyimagebank
The issue of reduced harvests and crop damage due to climate change is not limited to South Korea. Major wheat-producing countries worldwide are also experiencing production declines due to climate change.
#Need for Food Security and Price Management Measures
Staged image expressing price increase | Photo: Gettyimagebank
#Government's Need to Respond to Climate Change
Experts unanimously agree on the need for long-term measures. An agricultural economics professor stated, "It is urgent to develop new wheat varieties that can respond to climate change and introduce advanced agricultural technologies such as smart farms." He also added, "A multifaceted approach is needed to strengthen food security, such as securing overseas farmland and fostering international grain distribution companies." The government has announced that it will comprehensively review its food security policy in light of this situation. An official from the Ministry of Agriculture, Food and Rural Affairs explained, "In the short term, we will focus on supporting affected farmers and securing import volumes, and in the long term, we will establish agricultural policies to respond to climate change."
sustainable development ใ ฃ Photo: Gettyimagebank
The Bank of Korea emphasized the need for policy preparation by analyzing the impact of climate change on domestic inflation. In particular, a joint response to global climate risks and strengthened inflation management by domestic economic entities are required. Preparing for 'climatflation' through agricultural technology innovation and international cooperation, and establishing a sustainable agricultural production system will be key tasks going forward. Only through these efforts can we minimize the crisis of climate change and its damage, and turn it into new opportunities.
๐ขNotice
GrainScanner is constantly monitoring the latest trends in the global grain market and striving to provide the best services.
๐References
If you are interested in trading various grains such as farro, oats, Kamut, and Emmer wheat, please contact us at the email address below:
๐ sungeun.han@greenlabs.co.kr
“Address the Climate Change Crisis with GrainScanner"