Korea's this, imported by Japan for the first time in 35 years

A representative from Nonghyup Economic Holdings explained, "This year marks the first case of Nonghyup exporting rice to Japan. As Japanese rice prices surged, we decided to proceed with exports based on the judgment that they would still be price competitive even after imposing tariffs." A government official also stated, "Japan imposes a tariff of 341 yen (about 3,400 won) per kilogram on Korean rice. As Japanese rice prices increased, Korean rice became price competitive even after bearing such tariffs."

The Korean rice exported to Japan this time has been on sale since the 10th at Japanese-language shopping mall sites opened by Nonghyup Financial Group targeting Japanese consumers. The price is 9,000 yen (about 90,000 won) for 10 kg, including tax and shipping fees. In Korea, 10 kg of rice is usually sold for around 40,000 won. Considering this, the price of Korean rice sold in Japan is somewhat expensive. However, it is reported that this price is relatively cheap compared to the recent surge in Japanese rice prices.

The latest announcement from Japan's Ministry of Internal Affairs and Communications states that the average price of rice nationwide in Japan is 4,214 yen (approximately 42,000 won) for 5kg. Japanese rice prices have increased for 14 consecutive weeks. Over the past year, the cumulative increase has reached an astonishing 92.1%. Some stores in Tokyo, Japan, are reportedly selling rice products at over 1,000 yen (about 10,000 won) per kilogram. The Korean rice exported to Japan this time is about 10% cheaper than this.

Korean rice is receiving a positive response from Japanese consumers. The 2 tons of Korean rice exported as a trial shipment were reported to be nearly sold out within just ten days of sales commencement. As the initial reaction from Japanese consumers to Korean rice has been favorable, the National Agricultural Cooperative Federation plans to send an additional shipment to Japan this month, with 10 tons of Korean rice next month. This amount is five times larger than the initial shipment.

Recently, Japan's rice shortage has been attributed to a combination of factors, including poor harvests the year before last, local households stockpiling rice due to frequent earthquakes, and increased rice consumption due to the rise in foreign tourists. It is expected that rice prices will continue to rise for the time being, and interest in Korean rice in Japan is likely to persist.